Net2Phone

Net2Phone
Subsidiary
Founded 1990 (1990)
Headquarters Newark, New Jersey
Services VoIP
Parent IDT Corporation
Website www.net2phone.com

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

History

The company 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.

In August 2000, Jonathan Fram, president of the company, left 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 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. (subscription required)
  2. 1 2 GELSI, STEVE (August 24, 1999). "Net2Phone hot as post-IPO quiet period ends". Marketwatch.
  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. (subscription required)
  6. ↑ MCGARRY, DEBRA (August 25, 2000). "Net2Phone's president leaving". Marketwatch.
  7. ↑ CORRY, CARL (September 18, 2000). "Net2Phone, Cisco form VoIP venture". Marketwatch.
  8. ↑ "Cisco calls on Net2Phone". CNNMoney. 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. (subscription required)
  12. ↑ "Net2Phone Names New CEO, Changes Board Structure". The Wall Street Journal. September 23, 2004. (subscription required)
  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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