It paid 1.9m ($3m) up front for WAM!NETs commercial business, and will pay more starting next year. The undisclosed amount will depend on WAM!NETs sales.
Savvis is a Virtual Private Network (VPN) and managed IP services firm that derives most of its revenue from the financial sector. One of its biggest customers is Reuters.
The addition of WAM!NET gives it a greater presence in the media and entertainment businesses.
WAM!NET gains access to Savvis global IP network.
The deal does not include WAM!NETs government services wing, which has a contract with the US Navy.
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"This is a repeat of what happened to 1066 Capital t/a Crystal a year ago. They also never put this company in administration.
We are all still left unable to claim the redundancy and notice pay owed..."
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