Net2Phone

From Wikipedia, the free encyclopedia
Net2Phone
TypeSubsidiary
Founded1990; 32 years ago (1990)
Headquarters
Newark, New Jersey
ServicesVoIP
ParentIDT Corporation
Websitewww.net2phone.com

Net2phone provides VoIP and cloud computing-based telephony products and services. The company is a subsidiary of IDT Corporation.

History[]

Net2Phone was founded in 1990. On July 30, 1999, during the dot-com bubble, the company became a public company via an initial public offering, raising $81 million. Shares rose 77% on the first day of trading to $26 per share.[1] After completion of the IPO, IDT owned 57% of the company.[2] Within a few weeks, the shares increased another 100% in value, to $53 per share.[2]

In March 2000, in a transaction facilitated by IDT CEO Howard Jonas, a consortium of telecommunications companies led by AT&T announced a $1.4 billion investment for a 32% stake in the company, buying shares for $75 each. The transaction was completed in August 2000.[3] AOL had expressed an interest in buying all or part of the company but was not agreeable to the price.[4]

In 2000, the company acquired Aplio, an internet appliance maker located in San Bruno, California.

In August 2000, Jonathan Fram, president of the company, left the company to join eVoice.[5][6]

In September 2000, the company formed Adir Technologies, a joint venture with Cisco Systems.[7][8] In March 2002, the company sued Cisco for breach of contract.[9]

In 2001, the company acquired iPing.[10]

In February 2002, the company announced 110 layoffs, or 28% of its workforce.[11]

In October 2004, Liore Alroy became chief executive officer of the company.[12]

On March 13, 2006, IDT Corporation acquired the shares of the company that it did not already own for $2.05 per share.[13]

In January 2017, the company acquired LiveNinja.[14][15]

References[]

  1. ^ "Net2Phone Shares Gain 77% After $81 Million Offering". The Wall Street Journal. July 30, 1999.
  2. ^ a b KOO, CAROLYN (December 13, 1999). "Net2Phone Surges on Earnings, Qualcomm Deal". TheStreet.com.
  3. ^ Cholewka, Kathleen (April 3, 2000). "AT&T, Yahoo! Invest In Net2Phone". Forbes.
  4. ^ Dignan, Larry (March 31, 2000). "AT&T trumps AOL, buys into Net2Phone". ZDNet.
  5. ^ Cleary, Sharon (August 25, 2000). "Net2Phone President Departs To Run Closely Held eVoice". The Wall Street Journal.
  6. ^ "DCM-Doll Capital Management Adds Jonathan Fram". BusinessWire. June 28, 2005.
  7. ^ "ADIR Technologies Completes Acquisition of NetSpeak". NJ Biz. August 9, 2005.
  8. ^ "Cisco calls on Net2Phone". CNN. September 18, 2000.
  9. ^ Bennett, Amy (March 20, 2002). "Net2Phone, ADIR sue Cisco over VoIP technology". International Data Group.
  10. ^ Naraine, Ryan (July 18, 2001). "Net2Phone Acquires iPing". QuinStreet.
  11. ^ "Net2Phone Cuts More Jobs". The Wall Street Journal. February 21, 2002.
  12. ^ "Net2Phone Names New CEO, Changes Board Structure". The Wall Street Journal. September 23, 2004.
  13. ^ "IDT Announces Completion of Acquisition of Net2Phone" (Press release). Business Wire. March 13, 2006.
  14. ^ "net2phone Acquires LiveNinja" (Press release). Business Wire. January 4, 2017.
  15. ^ Lima, Debora (January 4, 2017). "Miami startup acquired by public company's subsidiary". American City Business Journals.
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