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IDT Corp.

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IDT Corporation
Type Public NYSE: IDT
Founded August 1990
Headquarters Newark, New Jersey
Key people Howard S. Jonas, Chairman
James A. Courter, Vice Chairman and CEO
Ira A. Greenstein, President and Director
Industry Telecommunications, Entertainment, Technology
Revenue ▲$2.013 billion USD (2007)
Operating income ▼-$139.4 million USD (2007)
-6.9% operating margin
Net income ▲$58.62 million USD (2007)
2.9% profit margin
Employees 2,360 (2007)
Website www.idt.net

IDT Corporation (originally standing for International Discount Telecommunications) is a telecommunications company headquartered in Newark, New Jersey. It has begun to branch out into other business lines to increase its diversity and lower its risk profile. IDT has large call centers in London, England; Guadalajara, Mexico; Jerusalem, and San Juan, Puerto Rico.

Contents

[edit] History

IDT was founded by entrepreneur Howard Jonas in August 1990.

On January 26, 2006, IDT Telecom, Inc. sold to GVC Networks LLC all its IDT Winstar Solution subsidiaries: Winstar Communications, LLC, Winstar Government Solutions, LLC and Winstar Wireless, LLC.

On February 17, 2006, IDT announced it would reacquire full ownership of Net2Phone, a company it had launched in the mid 1990s.

On May 16, 2006, IDT agreed to sell its IDT Entertainment division to Liberty Media for "for all of Liberty Media's interests in IDT, $186 million in cash and the assumption of existing indebtedness."[1] On August 31, 2006, the sale of all of IDT Entertainment's US operations and several international operations was completed. "The remainder of the deal, to include the Canadian and Australian operations, is expected to be closed in the next few weeks after regulatory approval has been given."[2] This sale was completed on 29 September 2006.[3]

On October 12, 2006, IDT completed the sale of its Toucan consumer phone business in the UK to Pipex Communications plc.[4]

On July 1, 2008, IDT sold IDT Global Services located in Jerusalem, Israel to its Israeli CEO, Eli Ninio. The company still operates under the name IDT, as IDT Global Israel.

The IDT Headquarters building on Broad Street in downtown Newark was once home to the now defunct Mutual Benefit Life Insurance Company.

[edit] Anti-Fraud Lawsuit

IDT commenced a civil anti-fraud lawsuit March 8, 2007 against certain of its competitors in the US pre-paid calling card market. The lawsuit, which was filed in federal district court in Newark, New Jersey, alleges, among other things, that CVT Prepaid Solutions, Inc., Dollar Phone Corporation., Epana Networks, Inc., Locus Telecommunications, Inc., Total Call International, Inc., STi Phonecard, Inc., Find & Focus Abilities, Inc, VOIP Enterprises, Inc., and Telco Group, Inc. are systematically falsely promising minutes that consumers cannot obtain from the cards they have bought. The complaint alleges that the defendants' deceptive practice causes consumers to lose more than one million dollars a day.

The lawsuit further alleges that the defendants' fraudulent conduct in the pre-paid calling card marketplace has negatively impacted IDT's market share, resulting in a reduction in IDT's revenues, and also has caused reductions to net income. The suit seeks a preliminary and permanent injunction barring defendants from continuing in this massive and systemic fraud as well as money damages.[5]

As of June 5, 2007, Epana Networks, Inc, Locus Telecommunications, Inc, and Dollar Phone Corp. have all agreed to settle the lawsuit brought by IDT. All three have agreed to work together to improve practices in the prepaid phone card industry and have agreed to deliver 100% of the minutes promised to consumers.[6]

[edit] PennyTalk

IDT inaugurated a service of low cost international calling called PennyTalk. Of note is the use of an Australian actress to play a woman from London during the initial PennyTalk commercial campaign.

[edit] UnionTelecard

Union Telecard Alliance is the distribution arm of IDT Telecom, and one of the largest distributors of prepaid phone cards in the United States with over 200 different phone card brands throughout the country.

[edit] Tuyo Mobile

IDT operates a wireless MVNO, Tuyo Mobile on the T-Mobile network.

[edit] Corporate Holdings & Operating Units

[edit] Zedge

Zedge is a website for free mobile content and tools to customize mobile phones. Zedge was purchased by IDT in December 2006.[11]

Zedge was founded by Kenneth Sundnes, Tom Arnoy and Paul Shaw in Norway in early 2003. Zedge has over 11,000,000 registered members as of October 2008[12], and later acquired comic book and graphic novels publisher, IDW Publishing, and promoted the movie "30 Days of Night" starring Josh Hartnett.[13]

[edit] References

  1. ^ IDT Corporation - Press Releases
  2. ^ UK Film and Television News - Liberty Completes First Stage of IDT Acquisition
  3. ^ IDT Corporation - Press Releases
  4. ^ IDT Corporation - Press Releases
  5. ^ IDT Corporation - Press Releases
  6. ^ IDT Corporation - Press Releases
  7. ^ a b IDT Forms Zedge Studios, Acquires Indie Comic Publisher IDW'. DigitalMediaWire, 25 July 2007
  8. ^ Press Release: IDW Publishing Launches New Children's Division and Imprint
  9. ^ IDT Corporation - About Us - Press
  10. ^ IDT Corporation Announces Formation Of Shale Oil Division
  11. ^ Zedge.net Acquired by IDT, Pete Cashmore, Mashable, December 17, 2006
  12. ^ "Zedge home page". Zedge Ltd.. http://www.zedge.net. Retrieved on 2008-03-10. 
  13. ^ IDT Forms Zedge Studios, Acquires Indie Comic Publisher IDW'. DigitalMediaWire, 25 July 2007

[edit] External links

Retrieved from "http://en.wikipedia.org/wiki/IDT_Corp."
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