1. History

2. References

Globix Corporation is a company that provided internet infrastructure and network services; it went bankrupt following the dot-com bubble, recovered, and was bought by RCN Corporation in 2007.

History

Globix Corporation was founded in 1989 as Bell Technology Group, a value-added reseller of computers; Marc Bell served as CEO from its founding until 2001.^[1]

In the mid-1990s the company expanded into Internet products and services^[1] and completed an IPO in January 1996.^[2]

By June 1998 the company offered "dedicated Internet access, Web Hosting, Co-location, network and systems integration, interactive media development (including 2-D and 3-D animation) and instructor-led corporate training" and changed its name to Globix Corporation.^[3]

During the dot-com bubble, Globix bought an eight-story building in New York City to serve as a data center, which was announced at Internet World 2000 by Bell, who cited "tremendous demand for our managed Internet Data Center services".^[5] The company already had nearly 300,000 square feet of data center space, and planned four additional centers.^[5] The company completed a $600 million bond offering in 2001 to fund further expansion.^[1]

As the dot-com bubble burst, in August 2001 the company hired a new CEO^[1] and in January 2002, Globix filed for Chapter 11 bankruptcy; its market capitalization had fallen from almost $1 billion in 1999 to $5.87 million.^[4] Globix emerged from Chapter 11 bankruptcy in April 2002, with creditors receiving $120 million in notes in exchange for the $600 million in bonds they held.^[5] In October 2003 Globix sold its New York City data center to fund operations and retire some of its debt.^[6]

In November 2003 Globix acquired Aptegrity Inc., a managed services provider focused on Web-based applications.^[7] In July 2004, Globix announced it intended to merge with NEON Communications, Inc., a provider of optical networking to carriers and large companies in the US Northeast and mid-Atlantic, and the deal closed in March 2005.^[8][9] For the fiscal year ending September 30, 2004, Globix reported a net loss of $41.4 million and had $95.8 million in debt.^[9]

In late 2005 and 2006 Globix restructured and paid down debt by selling off assets, including its New York city headquarters, a UK subsidiary, and its hosting business, the latter of which it sold to Quality Technology Services.^[10]

On February 2007 Globix changed its name to NEON Communications Group, Inc.^[11]

In June 2007 RCN Corporation announced it intended to acquire NEON and the deal closed in November 2007.^[12][13]

References

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