IDT Corporation

IDT Corporation (originally standing for International Discount Telecommunications) is an American telecommunications company headquartered in Newark, New Jersey.

Not to be confused with Integrated Device Technology.
IDT Corporation
Public
Traded asNYSE: IDT
Russell Microcap Index component
IndustryTelecommunications, Technology
FoundedAugust 1990 (1990-08)
HeadquartersNewark, New Jersey, U.S.
Key people
Howard S. Jonas, Chairman
Samuel Jonas, CEO
Bill Pereira, COO
David Wartell, CTO
Marcelo Fisher, CFO
Revenue$1.621 billion USD (2013)
$29.39 million USD (2013)
1.8% operating margin
$11.61 million USD (2013)
0.7% profit margin
Number of employees
1,310 (2013)
Websitewww.idt.net
Headquarters at 520 Broad Street in Newark

History

IDT was founded by entrepreneur Howard Jonas in August 1990. He founded the company after opening a sales office in Israel, receiving large international phone bills and then discovering a way to lower them by re-originating calls in the United States.[1]

In 1996, IDT founded Net2Phone, the world's fourth-largest VoIP provider (2017),[2] and sold an unnamed share of Net2Phone in August 2000 to AT&T for $1.1 billion in cash.[3]

In November 2004, IDT launched its retail energy business, IDT Energy.[3] On October 31, 2011, IDT spun off its energy-related businesses, including IDT Energy, to its shareholders as Genie Energy.[4]

On January 26, 2006, IDT Telecom, Inc. sold to GVC Networks LLC all its IDT Winstar Solution subsidiaries: Winstar Communications, 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 all of Liberty Media's interests in IDT, $186 million in cash and the assumption of existing indebtedness."[5] 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."[6] This sale was completed on 29 September 2006.[7]

In March 2006, IDT sold its Russian telecom business, Corbina Telecom, to a Moscow-based consortium of private equity investors for net $129.9 million in cash.[3] On October 12, 2006, IDT completed the sale of its Toucan consumer phone business in the UK to Pipex for $46.3 million in cash and Pipex stock.[8]

In December 2006, IDT acquired a controlling interest in the parent company of Zedge.net, a social networking community for mobile users and platform for sharing free mobile content.[3] It was spun off in June 2016.

In 2007, IDT acquired a 53% interest in comic book, graphic novel, art book, and comic strip collection publisher Idea and Design Works (IDW). In 2009, IDT increased its interest to 76%. Shortly afterwards, IDT created CTM Media Holdings, which consisted of the majority interest in IDW and CTM Media Group, a distributor of print and online media advertising focused on tourist destinations.[9] On September 14, 2009, IDT spun off CTM Media Holdings to its shareholders.

IDT operated a wireless MVNO, TúYo Mobile on the T-Mobile network. It was terminated on May 1, 2012.[10] On July 31, 2013, IDT spun off Straight Path, a communications asset company holding 39 GHz (millimeter wave) nationwide spectrum and on average, 800 MHz of bandwidth in top 30 US markets.[11] In October 2014, IDT sold Fabrix Systems, an Israel-based software company that developed and licenses a proprietary cloud based storage and computing platform, to Ericsson.[12]

In February 2015 the company announced it had reached an agreement with Empresa de Telecomunicaciones de Cuba S.A. (ETECSA), Cuba's national telecom provider, for international long distance telephony between the United States and Cuba directly.[13]

In January 2017, Net2Phone, subsidiary of IDT Corporation, acquired LiveNinja, a Miami-based messaging and live chat technology startup. LiveNinja's messaging technology is being integrated into its new product now in development. Leveraging LiveNinja's technology, net2phone will offer a multi-channel platform for small and medium-sized enterprises that spans phone, messaging, SMS and web chat.[14]

On 24 January 2018, IDT began a pilot test on using Ripple's native cryptocurrency.[15] The aim to simplify cross border payments, in order to free up billions held in foreign Vostro accounts.[16]

In March 2018, IDT completed its spinoff of Rafael Holdings with IDT founder Howard Jonas serving as Chairman of the board and Chief Executive Officer[17] Rafael Holdings holds commercial real estate assets and interests in two clinical stage, oncology focused pharmaceutical companies.  The pharmaceutical holdings consist of interests in Rafael Pharmaceuticals, Inc. and a majority stake in Lipomedix Pharmaceuticals Ltd., both of which are focused on development and commercialisation of drugs in the oncology space.[18]

On April 20, 2020, during the COVID-19 pandemic, IDT Corporation applied for and received a loan of US$10 million as part of the Paycheck Protection Program. On April 26, 2020, due to criticism of large companies who were accessing the loan program intended to help small businesses, IDT announced that they would return the loan.[19][20][21]

Subsidiaries and services
  • IDT Telecom, Inc.
    • IDT Europe
    • IDT Telecom Asia Pacific Ltd
    • Net2Phone, Inc.[22]
    • Union Telecard Alliance
    • IDT Financial Services

National Retail Solutions

In 2015, IDT launched National Retail Solutions (NRS).[23] NRS is an industry leading point-of-sale company that is the provider of touch-screen point-of-sale (POS) systems, which offers a customer-facing screen as well as payment and transaction processing services.

Boss Revolution

In 2009, IDT introduced Boss Revolution, a PIN-less international prepaid calling service. Boss Revolution PIN-less allows smart phone users to make single touch international calls. Since its introduction, Boss Revolution and other PIN-less providers have largely supplanted the traditional prepaid international calling card industry. IDT subsequently announced initiatives to add various payment services to the Boss Revolution Platform, including international money transfer.[24]

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.

gollark: ?tag bm25
gollark: <@881877983403593759> add "release cryoapioforms from the beecloud"
gollark: <@881877983403593759> add .*
gollark: None are safe.
gollark: initiate contingency 1036-delta

See also
  • IDT Megabite Café

References
  1. Ramirez, Anthony (January 9, 1992). "Hot-Wiring Overseas Telephone Calls". The New York Times. Retrieved May 5, 2010.
  2. www.net2phone.com/about
  3. IDT Annual Report 2007
  4. - IDT Corporation press release dated October 31, 2011
  5. "Liberty Media to Acquire IDT Entertainment" (Press release). IDT Corporation. 2006-05-16. Archived from the original on 2011-07-23. Retrieved 2006-05-29.
  6. Liberty Completes First Stage of IDT Acquisition
  7. Liberty Completes Final Stage of IDT Entertainment Acquisition
  8. IDT Corporation Completes Sale of U.K.-Based Toucan Consumer Phone Services Business to Pipex Communications plc
  9. IDT Corporation - Press Releases
  10. "TúYo service". 2012. Archived from the original on May 13, 2012. Retrieved 2012-05-09.
  11. - IDT Corporation press release dated July 15, 2013
  12. "IDT Corporation Completes Sale of Fabrix Systems" (Press release). IDT Corporation. 2014-10-08. Retrieved 2020-05-03 – via Business Wire.
  13. [Reuters, https://www.reuters.com/article/2015/02/20/idt-corp-cuba-idUSL4N0VU01Q20150220]
  14. - Miami startup LiveNinja is acquired by telecom player
  15. "Ripple Adds New Partners in Push to Make Case for XRP". Fortune. Retrieved 2018-10-17.
  16. "Blockchain technology – speeding up and simplifying cross-border payments". Deloitte Nederland (in Dutch). Retrieved 2018-10-17.
  17. Inc., IDT Corporation; Rafael Holdings. "IDT Completes Spin-Off of Rafael Holdings". prnewswire.com. Retrieved 2018-10-29.
  18. "Rafael Holdings - Home". Rafael Holdings. Retrieved 2018-10-29.
  19. Popken, Ben (28 April 2020). "Which companies are returning their PPP loans? Here's the list". NBC News. Archived from the original on 1 May 2020. Retrieved 30 April 2020.
  20. "EDGAR Filing Documents". US Securities and Exchanges Commission.
  21. "IDT CORPORATION (NYSE:IDT) Files An 8-K Other Events". Market Exclusive. Retrieved 28 April 2020.
  22. "IDT Corp (IDT)". Reuters. Retrieved 31 May 2016.
  23. "The All-in-One POS System | National Retail Solutions". National Retail Solutions | Retail POS Solutions. Retrieved 2018-04-09.
  24. IDT Corporation - Press Releases
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