AT&T PURCHASES EQUITY POSITION IN BBN PLANET.NEW YORK--(BUSINESS WIRE)--July 12, 1995 -- AT&T and BBN (BBN Technologies, Cambridge, MA, www.bbn.com) A consulting firm that participated in the development of some of the most extensive networks in the world, including ARPANET, which evolved into the Internet. It was founded in 1948 as a consulting service in acoustics by Dr. today announced that AT&T Ventures has purchased an $8 million equity position in BBN Planet, a BBN subsidiary that provides managed Internet access See how to access the Internet. and value-added services to business. The purchase follows by three weeks the announcement of an agreement by AT&T and BBN to provide businesses with a broad range of services for reliable, safe access to the Internet. Additional financial details about the equity purchase were not disclosed. Alessandro Piol, a partner at AT&T Ventures, a venture capital group established by AT&T to invest in information technology companies, said the decision by AT&T to purchase a position in BBN Planet was based on confidence that the companies' Internet access agreement will successfully provide customers with a broad and robust array of Internet-based solutions. "BBN Planet has superior Internetworking skills that complement AT&T's communications and marketing strengths," he said. "We believe that this combination of capabilities will create uncommon value in BBN Planet and we want to participate in building the nation's premier provider of Internet services." George H. Conrades, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and president of BBN, said the equity purchase strengthens the relationship between the two companies. "I'm delighted that AT&T has decided to invest in BBN Planet. It helps to cement our partnership in its early stages, assuring our joint customers that we have a long-term commitment to build services that will enable them to conduct business on the Internet." AT&T Ventures is the venture capital arm of AT&T, and has offices in East Hanover, New Jersey East Hanover Township is a township in Morris County, New Jersey, United States. As of the United States 2000 Census, the township population was 11,393. Incorporated in 1928, it is a largely middle to upper-income suburban community situated roughly 25 miles west of New York City. and Menlo Park, California Menlo Park is a city in San Mateo County, California in the United States of America. It is located at latitude 37°29' North, longitude 122°9' East. Menlo Park had 30,785 inhabitants as of the 2000 U.S. Census. . AT&T Ventures invests in companies that complement and add value to AT&T's strategies. AT&T Ventures was formed in 1992 and has made 19 investments to date. Headquartered in Cambridge, Massachusetts This article is about the city of Cambridge in Massachusetts. For the English university town, see Cambridge, England. For other places, see Cambridge (disambiguation). Cambridge, Massachusetts is a city in the Greater Boston area of Massachusetts, United States. , BBN Planet Corporation, a subsidiary of Bolt Beranek and Newman Inc. (NYSE NYSE See: New York Stock Exchange :BBN), provides managed Internet access and value-added services to leading companies and educational, medical and research institutions nationwide. This year BBN is celebrating the 25th anniversary of its development of the ARPANET (Advanced Research Projects Agency NETwork) The research network funded by the U.S. Advanced Research Projects Agency (ARPA). The software was developed by Bolt, Beranek and Newman (BBN), and Honeywell 516 minicomputers were the first hardware used as , which led to the modern Internet. For its fiscal year ended June 30, 1994, BBN had revenues of $196 million. CONTACT: BBN Peter Thonis, 617/873-3512 (office) 617/237-4163 (home) or AT&T Dan Coulter, 908/221-7406 (office) 908/735-0297 (home) |
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