IDT Corporation

Last updated
IDT Corporation
Company type Public
FoundedAugust 1990;34 years ago (1990-08)
Founder Howard Jonas
Headquarters Newark, New Jersey, U.S.
Key people
  • Howard Jonas (chairman)
  • Samuel Jonas (CEO)
  • Bill Pereira (COO)
  • David Wartell (CTO)
Products
Services
RevenueDecrease2.svg US$1.24 billion (2023)
Increase2.svgUS$60.7 million (2023)
Increase2.svgUS$40.5 million (2023)
Total assets Increase2.svgUS$511 million (2023)
Total equity Increase2.svgUS$200 million (2023)
Number of employees
1,890 (2023)
Website idt.net
Footnotes /references
Financials as of July 31,2023. [1]

IDT Corporation [2] [3] (originally standing for International Discount Telecommunications) is a multinational provider of cloud communications, point of sale systems, unified communications, and financial services foreign exchange services for selected clients. It has units dedicated for businesses and consumers such as the Boss Revolution pre-paid phone cards, headquartered in Newark, New Jersey. [1]

Contents

Overview

IDT's first service was callback , [4] which was based on the idea that "it costs two and three times as much to call from overseas as it does the other way." [5] [2]

History

IDT was founded by entrepreneur Howard Jonas in August 1990. He founded the company after opening a sales office in Israel, receiving large international phone bills and then discovering a way to lower them by re-originating calls in the United States. [2]

In 1996, IDT founded Net2Phone, the world's fourth-largest VoIP provider (2017), [6] and sold 32% of Net2Phone in August 2000 to AT&T for $1.1 billion in cash. [7] [8] That same year, IDT became a public company via an initial public offering. [9]

Acquisitions and spinoffs

IDT operated a wireless MVNO, TúYo Mobile on the T-Mobile network. It was terminated on May 1, 2012. [19] On July 31, 2013, IDT spun off Straight Path, a communications asset company holding 39 GHz (millimeter wave) nationwide spectrum and on average, 800 MHz of bandwidth in top 30 US markets. [20] In October 2014, IDT sold Fabrix Systems, an Israel-based software company that developed and licenses a proprietary cloud based storage and computing platform, to Ericsson. [21]

In February 2015 the company announced it had reached an agreement with Empresa de Telecomunicaciones de Cuba S.A. (ETECSA), Cuba's national telecom provider, for international long distance telephony between the United States and Cuba directly. [22]

In January 2017, Net2Phone, subsidiary of IDT Corporation, acquired LiveNinja, a Miami-based messaging and live chat technology startup. LiveNinja's messaging technology is being integrated into its new product now in development. Leveraging LiveNinja's technology, net2phone will offer a multi-channel platform for small and medium-sized enterprises that spans phone, messaging, SMS and web chat. [23]

On 24 January 2018, IDT began a pilot test on using Ripple's native cryptocurrency. [24] The aim to simplify cross border payments, in order to free up billions held in foreign Vostro accounts. [25]

In March 2018, IDT completed its spinoff of Rafael Holdings with IDT founder Howard Jonas serving as chairman of the board and chief executive officer [26] Rafael Holdings holds commercial real estate assets and interests in two clinical stage, oncology focused pharmaceutical companies.  The pharmaceutical holdings consist of interests in Rafael Pharmaceuticals, Inc. and a majority stake in Lipomedix Pharmaceuticals Ltd., both of which are focused on development and commercialisation of drugs in the oncology space. [27]

On April 20, 2020, during the COVID-19 pandemic, IDT Corporation applied for and received a loan of US$10 million as part of the Paycheck Protection Program. On April 26, 2020, due to criticism of large companies who were accessing the loan program intended to help small businesses, IDT announced that they would return the loan. [28] [29] [30]

Subsidiaries and services

National Retail Solutions

In 2015, IDT launched National Retail Solutions (NRS). [32] NRS is a point-of-sale company that is the provider of touch-screen point-of-sale (POS) systems, which offers a customer-facing screen as well as payment and transaction processing services.

Boss Revolution

In 2009, IDT introduced Boss Revolution, a PIN-less international prepaid calling service. Boss Revolution PIN-less allows smartphone users to make single touch international calls. Since its introduction, Boss Revolution and other PIN-less providers have largely supplanted the traditional prepaid international calling card industry. IDT subsequently announced initiatives to add various payment services to the Boss Revolution Platform, including international money transfer. [33]

PennyTalk

IDT inaugurated a service of low cost international calling called PennyTalk.

Dial-up Internet access

"IDT first offered dial-up services in 1994." [34] They subsequently expanded to offer dedicated Internet access lines. [35] By 1999 this ISP [3] [36] also became "one of the nation's first pre-paid bilingual Internet services." [34]

See also

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References

  1. 1 2 "IDT Corporation Annual Report 2023 (Form 10-K)". U.S. Securities and Exchange Commission. October 16, 2023. Retrieved March 17, 2024.
  2. 1 2 3 Ramirez, Anthony (January 9, 1992). "Hot-Wiring Overseas Telephone Calls". The New York Times . Retrieved May 5, 2010.
  3. 1 2 "IDT's New Calling Plan Undercuts Recent Moves From Phone". The Wall Street Journal (WSJ). September 1, 1999.
  4. ↑ "How IDT Plans to 'Net Long-Distance Clients". NJbiz.com. August 9, 2005.
  5. ↑ Bernard Bard (August 24, 1992). "Rining up $savings: Long-distance rate battle pits David vs. the Goliaths". The New York Post . p. 24.
  6. ↑ "Net2Phone Shifts to Software for Routing". The Wall Street Journal (WSJ). September 18, 2000.
  7. ↑ "AT&T May Buy All or Part Of IDT's Stake in Net2Phone". The Wall Street Journal (WSJ). March 31, 2000.
  8. ↑ "AT&T Pays Hefty Premium to Buy 32% of Net2Phone". The New York Times . August 12, 2000.
  9. ↑ Carrel, Lawrence (December 9, 1996). "The Wildest Surfing of 1996? Try the Market, Not the Web". The Wall Street Journal .
  10. ↑ "An Alternative to Con Ed Revs Up Its Sales Force". The New York Times . August 31, 2008.
  11. ↑ "GNE: Genie Energy Ltd. Company Profile & Executives". The Wall Street Journal (WSJ).
  12. ↑ Perry, Jessica (2006-03-03). "IDT Closes Sale of Russian Telecom Business". NJBIZ. Retrieved 2024-06-04.
  13. ↑ "Liberty Media to Acquire IDT Entertainment" (Press release). IDT Corporation. 2006-05-16. Archived from the original on 2011-07-23. Retrieved 2006-05-29.
  14. ↑ Liberty Completes First Stage of IDT Acquisition
  15. ↑ "Liberty Completes Final Stage of IDT Entertainment Acquisition". Archived from the original on 2006-10-05. Retrieved 2006-11-10.
  16. ↑ "ZDGE Company Profile & Executives - Zedge Inc". The Wall Street Journal (WSJ).
  17. 1 2 "How Telecom Speculator Howard Jonas Made Billions from Verizon, AT&T". May 11, 2017.
  18. ↑ IDT Corporation – Press Releases
  19. ↑ "TúYo service". 2012. Archived from the original on May 13, 2012. Retrieved 2012-05-09.
  20. ↑ - IDT Corporation press release dated July 15, 2013
  21. ↑ "IDT Corporation Completes Sale of Fabrix Systems" (Press release). IDT Corporation. 2014-10-08. Retrieved 2020-05-03– via Business Wire.
  22. ↑ "IDT Corp to provide long distance telephony between U.S. and Cuba". Reuters. 2015-02-20. Retrieved 2023-05-09.
  23. ↑ - Miami startup LiveNinja is acquired by telecom player
  24. ↑ "Ripple Adds New Partners in Push to Make Case for XRP". Fortune. Archived from the original on 2018-10-17. Retrieved 2018-10-17.
  25. ↑ "Blockchain technology – speeding up and simplifying cross-border payments". Deloitte Nederland (in Dutch). Retrieved 2018-10-17.[ permanent dead link ]
  26. ↑ "IDT Completes Spin-Off of Rafael Holdings". prnewswire.com. Retrieved 2018-10-29.
  27. ↑ "Rafael Holdings - Home". Rafael Holdings. Retrieved 2018-10-29.
  28. ↑ Popken, Ben (28 April 2020). "Which companies are returning their PPP loans? Here's the list". NBC News. Archived from the original on 29 April 2020. Retrieved 30 April 2020.
  29. ↑ "EDGAR Filing Documents". US Securities and Exchanges Commission.
  30. ↑ "IDT CORPORATION (NYSE:IDT) Files An 8-K Other Events". Market Exclusive. Retrieved 28 April 2020.
  31. ↑ "IDT Corp (IDT)". Reuters. Retrieved 31 May 2016.
  32. ↑ "The All-in-One POS System | National Retail Solutions". National Retail Solutions | Retail POS Solutions. Retrieved 2018-04-09.
  33. ↑ "IDT Corporation – Press Releases". Archived from the original on 2014-05-20. Retrieved 2014-05-19.
  34. 1 2 Patricia Fusco (May 25, 1999). "IDT Launches Prepaid Bilingual Internet Service".
  35. ↑ "BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type ..." Within the U.S., IDT provides dedicated and dial-up Internet access services to approximately 80,000 retail customers.
  36. ↑ "IDT Corporation".
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