Originally the Swiss brand brought out the NADAC network attached DAC, essentially a digital to analogue converter with a network connection that meant you could send music data to it over Ethernet. Their next step was to create the Merging Player which is nearly identical to a NADAC except that it has a network streamer onboard, it has the same casework and name on the front but extra electronics inside. More recently they have released an external power supply for both NADAC and Player called logically enough, Power.
Merging come from a pro audio background, they build the Pyramix multi-track recording system which they have been making for over 25 years, their speciality is DSD, a format that has always been rare in the studio environment. The NADAC grew out of the Pyramix Hapi and Horus converters but comes in considerably more lavish attire and with numerous refinements, including in the case of the Player a Roon Core which is effectively a PC that runs Roon software and gives end users an control app that is very hard to beat.