USinternetworking, Inc. (USi) was an application service provider. It offered outsourced business applications delivered over the Internet or a private network connection for an installation charge and a flat monthly fee. In October 2006, it was acquired by AT&T.
| Founded | January 1998 |
|---|---|
| Founders | Christopher R. McCleary Chris Poelma |
| Defunct | October 20, 2006 |
| Fate | Acquired by AT&T |
| Headquarters | Annapolis, Maryland |
History
editThe company was founded in January 1998 by Christopher R. McCleary, Chris Poelma and Stephen McManus
Early investors included Grotech[1] and US West.[2]
In February 1998, the company pursued a merger with PSINet but was rejected.[3]
In May 1998, the company signed a lease for its 24,000 square foot office.[4]
On April 9, 1999, during the dot-com bubble, the company became a public company via an initial public offering. Shares rose 174% on the first day of trading, ending the day at $57.50 per share.[5][6]
On April 26, 1999, the company was named the first certified Broadvision application service provider.[7]
In November 1999, the company announced an agreement to develop Microsoft Office 2000 as an online service.[8]
In July 2000, founder Christopher R. McCleary resigned as chief executive officer of the company and was replaced with Andrew Stern.[9]
In August 2000, the company acquired EnableVision.[10]
By July 2001, after the bursting of the dot-com bubble, shares were trading for $1 each.[11]
In January 2002, the company filed bankruptcy. It emerged in May 2002 with financing from Bain Capital and a merger with Interpath.[12][13]
In September 2003, Stephen A. Mucchetti was named chief operating officer of the company.[14]
In June 2004, the company acquired Appshop for between $40 million and $50 million.[15]
In October 2006, AT&T acquired the company for $300 million.[16]
References
edit- ^ O'Hara, Terence (January 3, 2005). "Grotech Hopes to Repeat Success of Long John Silver's". The Washington Post.
- ^ Glanz, William (January 25, 1999). "USi to raise $86M in IPO". American City Business Journals.
- ^ "USinternetworking Won't Pursue Its Proposed Acquisition of PSINet". The Wall Street Journal. February 23, 1998.
- ^ Harrison, David (May 11, 1998). "'Net exec wired for growth". American City Business Journals.
- ^ "Nets roll, but Compaq warns". CNN. April 9, 1999.
- ^ BICKNELL, CRAIG (April 9, 1999). "YET ANOTHER BIG IPO DAY". Wired.
- ^ "USinternetworking is named the first certified Broadvision Application Service Provider" (Press release). PR Newswire. April 26, 1999.
- ^ "Office 2000 for rent". Geek.com. November 12, 1999.[permanent dead link]
- ^ Noguchi, Yuki (July 25, 2000). "Founder Steps Down As Chief Executive of USinternetworking". The Washington Post.
- ^ "USi buys New Jersey firm". American City Business Journals. August 31, 2000.
- ^ "Hot Stocks: Deep discount". CNN. July 10, 2001.
- ^ Noguchi, Yuki (May 22, 2002). "USinternetworking Out of Bankruptcy". The Washington Post.
- ^ Torode, Christina (May 22, 2002). "USi Merges With Interpath; Emerges From Bankruptcy". CRN.
- ^ Noguchi, Yuki (September 3, 2003). "Former IBM Executive To Join USinternetworking". The Washington Post.
- ^ Noguchi, Yuki (June 2, 2004). "USi to Buy Software Firm". The Washington Post.
- ^ Pappalardo, Denise (October 20, 2006). "AT&T closes USi deal". Network World.