Net2Phone

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

Net2Phone
TypeSubsidiary
Founded1990 (1990)
Headquarters
Newark, New Jersey
ServicesVoIP
ParentIDT Corporation
Websitewww.net2phone.com

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. 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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