Steel Connect
Page Module:Infobox/styles.css has no content.Page Template:Infobox company/styles.css has no content.
| Lua error in package.lua at line 80: module 'Module:InfoboxImage/data' not found. | |
| Lua error in package.lua at line 80: module 'Module:InfoboxImage/data' not found. | |
| Formerly | Page Template:Plainlist/styles.css has no content.
|
|---|---|
| ISIN | Script error: No such module "WikidataIB". |
| Industry | Script error: No such module "WikidataIB". |
| Predecessor | Script error: No such module "WikidataIB". |
| Incorporated | Script error: No such module "WikidataIB". |
| Founded | Script error: No such module "WikidataIB". |
| Founder | Script error: No such module "WikidataIB". |
| Defunct | Script error: No such module "WikidataIB". |
| Fate | Acquired by Steel Partners |
| Successor | Script error: No such module "WikidataIB". |
| Headquarters | Smyrna, Tennessee |
Key people | Warren G. Lichtenstein (interim CEO and executive chairman) |
| Revenue | Script error: No such module "WikidataIB". |
| Script error: No such module "WikidataIB". | |
| Script error: No such module "WikidataIB". | |
| Total assets | Script error: No such module "WikidataIB". |
| Total equity | Increase $154 million (2024) |
Number of employees | Script error: No such module "WikidataIB". |
| Parent | Script error: No such module "WikidataIB". |
| Website | steelconnectinc |
| Footnotes / references [1] | |
Script error: No such module "Check for conflicting parameters".Script error: No such module "Check for deprecated parameters".
Steel Connect, Inc. was an American company that provided supply chain management services to software companies. In January 2025, it was acquired by Steel Partners.[2]
During the dot-com bubble, the company, which was then known as CMGI, Inc., had a market capitalization of $41 billion. Between 1995 and 1999, it had the best-performing stock in the United States, returning 4,921%.[3] After the crash of the bubble, the stock price fell 99.9%.
History
The company was formed in 1968 as College Marketing Group by Glenn and Gail Mathews. At first, the company sold mailing lists of university faculty to textbook publishers. In 1986, after a leveraged buyout, David Wetherell became CEO, and the company became known as CMGI, Inc.[4]
In February 1994, the company became a public company via an initial public offering. That same month, Wetherell founded BookLink, in which the company invested $900,000. BookLink was sold to America Online in November 1994, and the company used the proceeds of the sale to set up CMG @Ventures, a venture capital firm that invested in internet companies.[3]
The company invested $1 million for an 80% ownership interest in Lycos, which was its most profitable investment. In 1997, the company invested in GeoCities and it also formed Navisite.[5][6] In June 1999, the company agreed to acquire an 83% stake in AltaVista from Compaq for $2.3 billion.[7] In September 1999, the company acquired AdForce for $500 million.[8] In November 1999, Altavista acquired RagingBull.com after Wetherell noticed the website while on vacation.[9]
In March 2000, the company acquired Yesmail.[10] In April 2000, the company acquired uBid.[11] In May 2000, the company acquired Tallan for $920M.[12]
In August 2000, the company agreed to pay $7.6 million per year for 15 years for the naming rights of the home stadium of the New England Patriots.[13] In August 2002, after the bursting of the dot-com bubble, the company modified the agreement and the stadium name was changed to Gillette Stadium.[14]
In 2000, the company recorded a $661 million gain when Yahoo! acquired its interest in GeoCities. By that time, its stock price had declined 78% from its high earlier in the year.[15] In February 2004, the company acquired Modus Media.[16]
In September 2008, the company changed its name to ModusLink Global Solutions, Inc.[17]
In December 2017, the company acquired IWCO Direct for $476 million in cash.[18]
In February 2018, the company changed its name to Steel Connect, Inc.[19]
In May 2023, Steel Holdings acquired majority control of the company and infused $200 million of cash into the company.[20] The remainder was acquired in January 2025.[2]
References
Page Template:Reflist/styles.css has no content.
- ^ Page Module:Citation/CS1/styles.css has no content."Steel Connect, Inc. 2024 Form 10-K Annual Report" (PDF). U.S. Securities and Exchange Commission.
- ^ a b Page Module:Citation/CS1/styles.css has no content."Steel Partners Holding LP 2024 Form 10-K Annual Report" (PDF). U.S. Securities and Exchange Commission.
- ^ a b Page Module:Citation/CS1/styles.css has no content."CMGI Can Defy Gravity Only So Long". The New York Times. December 10, 2000.
- ^ Page Module:Citation/CS1/styles.css has no content."CMGI, Inc". Encyclopedia.com.
- ^ Page Module:Citation/CS1/styles.css has no content.Simons, David (May 31, 2001). "Making Sense Of CMGI". Forbes.
- ^ Page Module:Citation/CS1/styles.css has no content."CMGI cuts ties with past, sells NaviSite". The Register. September 12, 2002.
- ^ Page Module:Citation/CS1/styles.css has no content."AltaVista sold to CMGI". BBC News. June 29, 1999.
- ^ Page Module:Citation/CS1/styles.css has no content."CMGI to buy AdForce for $500 million". MarketWatch. September 20, 1999.
- ^ Page Module:Citation/CS1/styles.css has no content."CMGI's AltaVista acquires Raging Bull". American City Business Journals. November 29, 1999.
- ^ Page Module:Citation/CS1/styles.css has no content."CMGI completes acquisition of yesmail.com". American City Business Journals. March 13, 2000.
- ^ Page Module:Citation/CS1/styles.css has no content."CMGI Agrees to Buy uBid In $407 Million Stock Deal". The Wall Street Journal. February 10, 2000.
- ^ Page Module:Citation/CS1/styles.css has no content."CMGI to buy Tallan for $920 million". CNET. February 14, 2000.
- ^ Page Module:Citation/CS1/styles.css has no content.Mannes, George (August 25, 2000). "CMGI buys stadium naming rights". ABC News.
- ^ Page Module:Citation/CS1/styles.css has no content."Pats sell rights to Boston-based Gillette". ESPN. Associated Press. August 5, 2002.
- ^ Page Module:Citation/CS1/styles.css has no content."CMGI posts high earnings on GeoCities sale". CNET. September 21, 2000.
- ^ Page Module:Citation/CS1/styles.css has no content."CMGI completes Modus acquisition". American City Business Journals. August 2, 2004.
- ^ Page Module:Citation/CS1/styles.css has no content.McIntyre, Douglas A. (September 30, 2008). "ModusLink Replaces CMGI (MLNK, CMGI)". 247wallst.com.
- ^ Page Module:Citation/CS1/styles.css has no content."ModusLink Announces Acquisition of IWCO Direct for $476 Million in Cash" (Press release). PR Newswire. December 18, 2017.
- ^ Page Module:Citation/CS1/styles.css has no content."ModusLink Global Solutions, Inc. to Change Name to Steel Connect, Inc" (Press release). PR Newswire. February 26, 2018.
- ^ Page Module:Citation/CS1/styles.css has no content."STEEL PARTNERS AND STEEL CONNECT CLOSE EXCHANGE TRANSACTION" (Press release). May 2, 2023 – via Gale.
