ORLANDO, Fla.-Triton Network Systems Inc., a provider of broadband fixed-wireless network products, entered into an agreement with IBM Corp. to purchase the assets and hire approximately 50 employees associated with IBM’s broadband modem product line in exchange for 5.5 million shares of its series C preferred stock.
The IBM unit, a part of the company’s Microelectronics Division, develops and sells custom modems for use in IBM products.
With the completion of the transaction, Triton will secure intellectual property and engineering expertise for future modem development and, according to the company, lower the cost of manufacturing its products.
