Boca, an independent modem manufacturer, will also receive a warrant of purchase of up to 425,000 Global Village shares, representing a 3.6 per cent stake in the company.
Neil Selvin, Global Village CEO, admitted: 'Since we don't have the financial resources to become a modem industry consolidator, we believe finding an appropriate partner was the best path to accomplish the strategic objectives for our modem business.'
But Global Village is expected to make up to 50 per cent of its staff redundant.
Global Village will use the money to focus on its One World communication servers, a product line providing small companies with email and internet systems. These plans will be introduced later this year, although under a different company name.
The purchase involved Global's name, logo and trademarks as well as other business assets. Agreements associated with Teleport, PC Cards, Globalfax, Global Transfer and Faxworks communications products will also belong to Boca.
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