Founded | January 1998 |
---|---|
Founders | Christopher R. McCleary Chris Poelma |
Defunct | October 20, 2006 |
Fate | Acquired by AT&T |
Headquarters | Annapolis, Maryland |
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.
The 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]
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