Globalstar, a satellite communications provider, has gobbled up the assets of Axonn, maker of the tracking devices used by Globalstar. By buying its supplier for a reported $1.5 million in cash, $5.5 million in stock and $11 million in earn-outs, it will be bringing this manufacturing business in-house.
Based in Milpitas, Calif., Axonn had previously raised $20 million from Chevron Technology Ventures, Cordova Ventures, Hibernia Capital Partners, HSB Engineering Finance, Industrial Technology Investment, Koerner Capital, Mirant Capital Management and VenCap Opportunities Fund.
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