Richard Preen and Stuart Marburg, the two founders of Netspace have decided to offer their resignation before the company is taken over by rival, iiNet.

The total worth of the deal is going to be $40 million and April end has been fixed as the deadline for it.

This news was announced by the Chief of iiNet, Michael Malone. He also said that iiNet would not want to make much of a change in the existing framework of Netspace and said that it would be run as the standalone brand.

Netspace which was founded in 1992 had been receiving offers from iiNet for over a decade now. But the real formal talks had been going on for only last six months.

The founders decided to sell the company now since earlier they felt "at a point in their life where it made sense." But now, they want to move on.

Meanwhile, after the Netspace deal, iiNet will be having its own ADSL infrastructure in about 345 telephone exchanges. 12 of them would be in Tasmania. Currently, iiNet has no hardware of its own.