<PAGE>

                                                                    Exhibit 10.8

[LOGO]
GlobalEuroNet Group, Inc.

Mr. Samuel Gortler
Chief Executive Officer
Gorem Capital Group Ltd.
Zion House - 12th Floor
41 Rothschild Blvd.
Tel-Aviv 65784
Israel

                                                                    27 July 2000

Dear Sam,

Reference is made to your meeting with my colleagues on July 10th in Los Angeles
in which potential cooperation was discussed with respect to [ILLEGIBLE] venture
capital investments (the "Investments"). In that regard, we have agreed as
follows:

1)    Gorem Capital Group Ltd. ("GCG") in association with Danimar Ltd. (Mike
      Goldstein) shall provide to GlobalEuroNet Group, Inc. ("GEN") certain
      advisory services with respect to such investments. Such services shall
      include:

            a)    screening, analysing and reviewing potential investments; and

            b)    negotiating and executing potential investments

            for and on behalf of GEN. For this purpose GCG shall retain the
            services of a high-tech analyst to work on a first priority basis on
            GEN's behalf to the full extent as shall be required for such
            services by GEN. In addition, for the purpose of (1.b) Samuel
            Gortler and Michael Goldstein will provide their direct advisory
            services.

2)    GCG shall be entitled to receive for such services a retainee of US$ 5,000
      (plus any applicable VAT) per month, payable on a monthly advanced basis.
      In addition, GCG shall be entitled to receive expense reimbursement for
      all its reasonable out of pocket expenses with respect to such services,
      not to exceed US$ 1,000 a month in the aggregate. All expenditures over
      US$1,000 shall be subject to a pre-approval authorization in writing by
      GEN. In addition, GCG or its designee shall be entitled, on those
      investments for which the above stated services have been rendered by GCG,
      to:

--------------------------------------------------------------------------------
                             Representative Office
                                 Via Parigi 11
                                  00185 Roma
<PAGE>

[LOGO]
GlobalEuroNet Group, Inc.

(GEN-GCG Agreement p.2)

            a)    a 3% success fee in free shares based upon the number of
                  shares purchased by GEN or its affiliates in each investment;

            b)    b) co-investments rights of up to 10% of GEN's (or its
                  affiliates) investment amount on terms no more or less
                  favourable than those given to GEN.

3)    GCG and GEN will seek to expand their cooperation with respect to such
      Investments, including the formation of a Venture Capital Fund, to be
      promoted by GEN and certain Italian financial institutions

4)    The parties acknowledge that each party is not restricted in any manner in
      its respective Investments activities in Israeli or elsewhere or any other
      activities which is currently performing, and, in particular, that GCG has
      certain commitments under the [ILLEGIBLE] Fund prospectus.

5)    Unless otherwise agreed, this agreement shall remain in full force for a
      period of 12 months commencing on September 1, 2000, and is otherwise
      terminable on 3 month written notice by either party.

We look forward to the exciting opportunities suggested by you and for the
future of our cooperation.

Kind regards,

/s/ Andrea Mandel-Mantello                 /s/ Simone Haggias
Andrea Mandel-Mantello                     Simone Haggias
Managing Director - GlobalEuroNet Group    Managing Director GlobalEuroNet Group

We agree and accept the understanding as described in your letter, this ________
day of July, 2000.

By: /s/ Sam Gortler               GOREM CAPITAL
   ----------------------           GROUP LTD.

Sam Gortler
Chief Executive Officer - Gorem Capital Group Ltd.

By:
   ----------------------

Mike Goldstein
Danimar Ltd.