PAETEC Holding Corp.
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| PAETEC Holding Corp. | |
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| Type | Public (NASDAQ: PAET) |
| Founded | Rochester, New York (1998) |
| Headquarters | Fairport, NY |
| Key people | Arunas A. Chesonis, CEO, Chairman, & Founder of PAETEC Richard T. Aab, Vice Chairman & Co-Founder of US LEC |
| Industry | Telecommunications, Internet Service Provider |
| Products | Voice Services Data Services Software Solutions Customer Premise Equipment Managed Services |
| Revenue |  $1.04 billion USD (FY '07) |
| Employees | ~4,000 (2007) |
| Website | www.paetec.com |
PAETEC Holding Corp. is a telecommunications company headquartered in Fairport, New York. It was founded as a private company named PaeTec Communications, Inc. in 1998 by its current CEO, Arunas A. Chesonis and in 2007 merged with US LEC to become a publicly traded company.
PAETEC is a provider of integrated communications services, including local and long distance voice services, data and Internet services, software applications, network integration services, and managed services. PAETEC currently provides these services to medium-sized and large businesses, colleges and universities, hospitals, hotels, governmental organizations, financial markets, and affinity groups within its service area.
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[edit] Awards and recognition
PAETEC has been the recipient of various national and local business awards that the company attributes to its customer and employee-oriented culture.
- Ranked Number Two on the 2003 Deloitte Fast 500, a ranking of the 500 fastest growing technology companies in North America. Rankings are based on average percentage revenue growth over five years, from 1998 - 2002. PAETEC grew 192,701 percent during this period.
- 2005 American Business Ethics Award for a mid-sized company
- 2006 Competitive Local Exchange Carrier (CLEC) Best-in-Class Service Partner Award from telecom researchers Atlantic-ACM
- 2006 philanthropy award for Outstanding Corporation from the Genesee Valley Chapter of the Association of Fundraising Professionals (Rochester, NY)
[edit] Mergers and acquisitions
- August 19, 2004 - PAETEC announced it had completed the purchase of a significant base of commercial customers, switches, and related facilities of Covista Communications, Inc. (NASDAQ symbol: CVST).
- January 4, 2005 - PAETEC announced it was purchasing privately owned telecommunications company, American Long Lines, which primarily served small and medium-sized business customers in the Mid-Atlantic region.
- February 28, 2007 - PAETEC merged with Charlotte, NC based telecommunications company US LEC in a $1.3 billion cash-and-debt transaction. The deal was approved by both companies' stockholders and on March 1 was closed with the two companies merging into the publicly traded PAETEC Holding Corp
- September 17, 2007 - PAETEC Holding Corp. to Acquire McLeodUSA
- October 12, 2007 - PAETEC Holding Corp. to Acquire Allworx Corp
- February 2008 - PAETEC acquires McLeod USA
PAETEC owns the naming rights to PAETEC Park, a soccer-specific stadium in nearby Rochester, New York.
[edit] Name origin
The name PAETEC is derived from the initials of the first names of its founder and current Chairman & CEO, Arunas A. Chesonis' wife Pam and four children Adam, Erik, Tessa and Emma. In earlier days, the name was displayed as PaeTec Communications, Inc. After acquisition of US LEC, the new merged entity, PAETEC Holding Corp., displays the name in allcaps.
[edit] Other
- October 16, 2007 - New York Governor Eliot Spitzer and PAETEC CEO Arunas Chesonis announced plans to tear down Rochester's Midtown Plaza, and build a new corporate headquarters in downtown Rochester, New York.[1]
- PAETEC sponsored Rochester Institute of Technology's Imagine RIT: Innovation and Creativity Festival on May 3, 2008.[2]
[edit] References
- ^ Rochester Business Journal, October 16, 2007, http://www.rbj.net/fullarticle.cfm?sdid=69453
- ^ Rochester Institute of Technology. Imagine RIT Innovation and Creativity Festival. Retrieved on 2008-04-19.
[edit] External links
- PAETEC Official Website
- The PAETEC Book - It Isn't Just Business, It's Personal: How PAETEC Thrived When All the Big Telecoms Couldn't, co-authored by CEO Arunas Chesonis and David Dorsey
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