Usinternetworking Inc

Last updated
USinternetworking, Inc (USI)
FoundedJanuary 1998;23 years ago (1998-01)
Founders Christopher R. McCleary
Chris Poelma
DefunctOctober 20, 2006;14 years ago (2006-10-20)
FateAcquired 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.

History

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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References

  1. ↑ O'Hara, Terence (January 3, 2005). "Grotech Hopes to Repeat Success of Long John Silver's". The Washington Post .
  2. ↑ Glanz, William (January 25, 1999). "USi to raise $86M in IPO". American City Business Journals .
  3. ↑ "USinternetworking Won't Pursue Its Proposed Acquisition of PSINet" . The Wall Street Journal . February 23, 1998.
  4. ↑ Harrison, David (May 11, 1998). "'Net exec wired for growth". American City Business Journals .
  5. ↑ "Nets roll, but Compaq warns". CNN . April 9, 1999.
  6. ↑ BICKNELL, CRAIG (April 9, 1999). "YET ANOTHER BIG IPO DAY". Wired .
  7. ↑ "USinternetworking is named the first certified Broadvision Application Service Provider" (Press release). PR Newswire. April 26, 1999.
  8. ↑ "Office 2000 for rent". Geek.com . November 12, 1999.
  9. ↑ Noguchi, Yuki (July 25, 2000). "Founder Steps Down As Chief Executive of USinternetworking". The Washington Post .
  10. ↑ "USi buys New Jersey firm". American City Business Journals . August 31, 2000.
  11. ↑ "Hot Stocks: Deep discount". CNN . July 10, 2001.
  12. ↑ Noguchi, Yuki (May 22, 2002). "USinternetworking Out of Bankruptcy". The Washington Post .
  13. ↑ Torode, Christina (May 22, 2002). "USi Merges With Interpath; Emerges From Bankruptcy". CRN .
  14. ↑ Noguchi, Yuki (September 3, 2003). "Former IBM Executive To Join USinternetworking". The Washington Post .
  15. ↑ Noguchi, Yuki (June 2, 2004). "USi to Buy Software Firm". The Washington Post .
  16. ↑ Pappalardo, Denise (October 20, 2006). "AT&T closes USi deal". Network World .
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