Financial services are economic services tied to finance provided by financial institutions . Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance .
54-537: Innovate Corp. (formerly known as HC2 Holdings, Inc. and Primus Telecommunications Group, Inc. ) is an American public financial services company founded in 1994. Primus commenced operations in 1994 intent on being a global, facilities-based service provider. They entered the U.S market in 1995 by assembling their core management team and beginning operations. In 1996, Primus began its global expansion by acquiring Australia's then-fourth largest telecommunications service provider, Axicorp. The same year, Primus obtained
108-518: A content delivery network (CDN) structure, the domain name of the URL is translated by the mapping system into the IP address of an edge server to serve the content to the user. Akamai delivers web content over its Intelligent Platform by transparently mirroring elements such as HTML , CSS , software downloads, and media objects from customers' servers. The Akamai server is automatically chosen depending on
162-886: A macroeconomic scale that impacts domestic politics and foreign relations . The extragovernmental power and scale of the finance industry remains an ongoing controversy in many industrialized Western economies, as seen in the American Occupy Wall Street civil protest movement of 2011. Styles of financial institution include credit union , bank , savings and loan association , trust company , building society , brokerage firm , payment processor , many types of broker , and some government-sponsored enterprise . Financial services include accountancy , investment banking , investment management , and personal asset management . Financial products include insurance , credit cards , mortgage loans , and pension funds . The term "financial services" became more prevalent in
216-572: A 40.5% stake in Primus. On April 14, 2014, Primus was renamed HC2 Holdings, Inc. On July 9, 2021, Primus announced that it would be renamed INNOVATE Corp., stating the new name "reflects the Company’s focus on innovative growth businesses". Despite its parent company's renaming, the broadcasting unit is still known as HC2 Broadcasting. Primus had a subsidiary in the United Kingdom . A management buyout of
270-519: A New-England based Internet Service Provider with data center facilities and InterNeXt S.A., a French Internet Service Provider with national operations. These acquisitions also coincided with Primus entering the Puerto Rico market by partnering with Virtual Inc. and receiving a Competitive Local Exchange Carrier (CLEC) license. At its peak in March 2000, Primus' stock price was valued at US$ 51.69 per share and
324-481: A business, helps businesses raise money from other firms in the form of bonds (debt) or share capital (equity). The primary operations of commercial banks include: The United States is the largest commercial banking services location. New York City and London are the largest centers of investment banking services. NYC is dominated by U.S. domestic business, while in London international business and commerce make up
378-514: A competitor to leading Spanish networks Univision and Telemundo . Prior to the announcement, INNOVATE had been selling most of the full-power stations operated by Azteca América, and began notifying affiliates and advertising partners of the network’s planned closure. Financial services The finance industry in its most common sense concerns commercial banks that provide market liquidity , risk instruments , and brokerage for large public companies and multinational corporations at
432-571: A cost-effective retail voice service, Lingo offered U.S. customers unlimited calling in the U.S., Canada and Western Europe for only $ 19.95 per month. Despite 6% revenue growth in Primus' new services, broadband and VOIP, on March 14, 2006, Primus Telecommunications stock was transferred from the NASDAQ National Market to the NASDAQ Capital Market due to the value of the stock dropping below $ 1.00. This setback, however, did not stop
486-488: A fully integrated service provider--capable of delivering and bundling high-growth telecommunication services, including local, wireless, and broadband...with the capability of offering arrays of bundled wireline/wireless/broadband/VOIP products in its major markets. In 2004, Primus made their first product release in line with their new vision by releasing a high-speed VoIP Internet phone service dubbed 'Lingo'. Designed to leverage Primus international data network to provide
540-462: A group of business professionals and scientists joined the founding team—most notably, Paul Sagan , former president of New Media for Time Inc. , and George Conrades , former chairman and chief executive officer of BBN Corp. and senior vice president of US operations for IBM . Conrades became chief executive officer of Akamai in April 1999. The company launched its commercial service in April 1999 and
594-593: A long-distance carrier license in the then-newly deregulated United Kingdom and also released their initial public offering. They completed their public listing the following year with the completion of the sale of more than US$ 225 million in senior notes and warrants. Primus' global expansion continued in 1997 with key acquisitions and international network expansion. They completed the build and activation of their Australian switched network, international gateway switches in New York and Los Angeles, and trans-Pacific links. 1997
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#1732905191221648-555: A multi-station deal in Puerto Rico was announced with HC2 buying WOST , WQQZ-CD and WWKQ-LD from Corporate Media Consultants Group LLC for $ 2.85 million. In October, HC2 purchased K20JX-D from Amazing Facts Inc for $ 800,000. In May 2019, HC2 Holdings announced they were acquiring a full-power station from Lowcountry Media for $ 2.6 million. WSCG of Baxley, Georgia serves the Savannah market. The purchase of two low-power stations
702-450: A purpose-built building at 145 Broadway in December 2019. The Akamai Intelligent Platform is a distributed cloud computing platform that operates worldwide, a network of over approximately 365,000 servers in more than 135 countries. These servers reside on roughly 1,350 of the world's networks, gathering real-time information about traffic, congestion, and trouble spots. Each Akamai server
756-526: A significant portion of investment banking activity. FX or Foreign exchange services are provided by many banks and specialists foreign exchange brokers around the world. Foreign exchange services include: London handled 36.7% of global currency transactions in 2009 – an average daily turnover of US$ 1.85 trillion – with more US dollars traded in London than New York, and more Euros traded than in every other city in Europe combined. New York City
810-479: A stock-for-stock transaction, reportedly Arbinet shareholders will own approximately 23% of the combined company and Primus shareholders are expected to own approximately 77% of the combined company. With more than 1,100 carriers worldwide utilizing the Arbinet network Primus expects the deal to add $ 300 million a year in revenue to its global wholesale group and deliver cost savings of $ 3 million to $ 7 million for each of
864-573: A variety of reasons. Some smaller financial centres, such as Bermuda , Luxembourg , and the Cayman Islands , lack sufficient size for a domestic financial services sector and have developed a role providing services to non-residents as offshore financial centres . The increasing competitiveness of financial services has meant that some countries, such as Japan, which were once self-sufficient, have increasingly imported financial services. The leading financial exporter, in terms of exports less imports,
918-532: Is an American company specialized in content delivery network (CDN), cybersecurity , DDoS mitigation , and cloud services . It is headquartered in Cambridge, Massachusetts . The company was named after akamai , which means 'clever,' or more colloquially, 'cool' in Hawaiian . Co-founder Daniel M. Lewin found the term in a Hawaiian-English dictionary after a colleague's suggestion. Akamai Technologies entered
972-474: Is equipped with proprietary software that uses complex algorithms to process requests from nearby users. The content delivery process begins with a user submitting a request to a browser . When a user enters a URL, a DNS request is triggered to Akamai's authoritative DNS and an IP address is retrieved. With the IP address, the browser can then directly contact the Akamai edge server for subsequent requests. In
1026-763: Is the United Kingdom , which had $ 95 billion of financial exports in 2014. The UK's position is helped by both unique institutions (such as Lloyd's of London for insurance, the Baltic Exchange for shipping etc.) and an environment that attracts foreign firms; many international corporations have global or regional headquarters in the London and are listed on the London Stock Exchange , and many banks and other financial institutions operate there or in Edinburgh . Akamai Technologies Akamai Technologies, Inc.
1080-593: Is the largest center of investment services, followed by London. The United States, followed by Japan and the United Kingdom are the largest insurance markets in the world. A financial export is a financial service provided by a domestic firm (regardless of ownership) to a foreign firm or individual. While financial services such as banking, insurance, and investment management are often seen as domestic services, an increasing proportion of financial services are now being handled abroad, in other financial centres , for
1134-408: Is traditionally among those to receive government support in times of widespread economic crisis. Such bailouts, however, enjoy less public support than those for other industries. A commercial bank is what is commonly referred to as simply a bank. The term " commercial " is used to distinguish it from an investment bank , a type of financial services entity which instead of lending money directly to
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#17329051912211188-527: The United States partly as a result of the Gramm–Leach–Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge. Companies usually have two distinct approaches to this new type of business. One approach would be a bank that simply buys an insurance company or an investment bank , keeps the original brands of
1242-401: The 1998 MIT $ 50K competition with a business proposition based on their research on consistent hashing , and was selected as one of the finalists. By August 1998, they had developed a working prototype, and with the help of Jonathan Seelig and Randall Kaplan , they took steps to incorporate the company. Akamai Technologies was incorporated on August 20, 1998. In late 1998 and early 1999,
1296-699: The Benns Family, all for a combined $ 9.67 million. KCEB in Longview, Texas , one of the two remaining stations in London Broadcasting Co.'s portfolio, was purchased in April 2018 for $ 225,000. Additional stations were purchased by NRJ TV for $ 9.25 million and One Ministries Inc. for $ 2.15 million. In June 2018, HC2 purchased stations from KM Communications for $ 1.85 million, Marion, Illinois –based Tri-State Christian Television (TCT) for $ 4 million and Estrella Media for $ 3,325,000. WPVN-CD of Chicago, Illinois
1350-774: The FCC's 2016 auction , two stations from Abrahantes Communications, 19 stations from Northstar Media, LLC (including two full-power stations) and the Azteca América network from TV Azteca . Seven Azteca América affiliates, including San Francisco market station KEMO-TV , were purchased from Jericho Partners LLC for $ 411,318 the following month. The string of purchases continued into 2018, with stations purchased from HERO Broadcasting, Tyche Media LLC, Joseph W Shaffer, Prime Time Partners LLC, Tran Star LLC, Iglesia Manmin Toda La Creacio USA Inc, Dallas De Mujer A Mujer International and
1404-492: The Internet. The Download Delivery product line includes HTTP downloads for large downloadable objects, a customizable application for consumers, and analytics tools with metrics that monitor and report on the download process. In addition to using its own servers, Akamai delivers certain content from other end-users' computers, in the form of peer-to-peer networking. On October 9, 2013, Akamai announced its Open Initiative at
1458-934: The UK business in 2010 saw this subsidiary separate from Primus Telecom to form New Call Telecom. HC2 entered into the field of broadcast television ownership in July 2017 with their purchase of a 50 percent stake in DTV America, which owned 50 low-power television (LPTV) stations in 42 markets in the United States; this transaction became an outright purchase by October 2017. Deals to purchase 38 low-power stations from Mako Communications and 14 low-power stations from Three Angels Broadcasting Network , followed in September and October, respectively. By November 2017, HC2 acquired seven stations from OTA Broadcasting that didn't have their spectrum sold during
1512-579: The United States, Australia, Canada, India, Europe, or Brazil were included in the restructuring. The operating units have and will continue to manage and operate their businesses normally. The newly emerged public company was not listed on any stock exchange until June 23, 2011, when it began trading under the ticker PTGI on the NYSE. As of March 4, 2010, Primus appeared on the recovery track as they reported 2009 net revenue of US$ 814 million and free cash flow of $ 27.9 million; revenue increases they claim are partly
1566-546: The acquired firm, and adds the acquisition to its holding company simply to diversify its earnings . Outside the U.S. (e.g. Japan ), non-financial services companies are permitted within the holding company. In this scenario, each company still looks independent and has its own customers, etc. In the other style, a bank would simply create its own insurance division or brokerage division and attempt to sell those products to its own existing customers, with incentives for combining all things with one company. The financial sector
1620-426: The acquisition of Eclipse Telecommunications Pty. Ltd. and Hotkey Internet Services Pty Limited. These acquisitions, along with Primus' new Australian Carriers License, meant they were able to offer Internet and data services to Australians. This, however, was not Primus' most significant activity in 1998. In February that year, they announced the acquisition of TresCom International Inc. for a sum of US$ 125 million which
1674-463: The back of announcements that Primus had begun strategic alliances with Akamai Technologies and Hewlett-Packard . Their relationship with Akamai involved an agreement to jointly deploy Akamai servers in select Primus points of presence to further Akamai's global content delivery capabilities. Primus' venture with Hewlett-Packard involved both parties joining forces to provide business services through HP-powered data centers across Primus' global network,
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1728-527: The business from continuing to roll out their own DSLAM network internationally, especially in Australia. In 2007, Primus Telecom admitted paying more than $ 22 million to settle a lawsuit alleging illegal or fraudulent transfers of funds. Primus Telecom has also been named as a defendant in additional federal litigation. As of 2008, the company's stock had dropped more than 99% from its peak in early 2000, amid declining revenue and accelerating losses. According to
1782-462: The business was generating US$ 1.2 billion in revenue annually. Following the dot-com bubble "bursting" in 2000, and the subsequent U.S financial downturn and stock market crash in 2001 after September 11, Primus reportedly began scaling back growth plans and reducing their debt in response to their stock value dropping to US$ 0.54 in June 2002. This pre-emptive measure allowed Primus to avoid bankruptcy at
1836-507: The company's SEC filings, Primus did not maintain effective internal control over financial reporting as of December 31, 2006, due to the material weakness in the Company’s internal control over accounting for income taxes. Primus' struggles finally culminated in the company filing for Chapter 11 bankruptcy protection on March 16, 2009. However, months later, Primus emerged from Chapter 11 on July 1, 2009. The value recovered by shareholders of old common stock (ticker NASDAQ:PRTL) will depend on
1890-532: The company's financial performance over the four years following their emergence from Chapter 11. As a result of the reorganization, Primus's creditors have also become significant shareholders in the organization. Under the terms of the plan of reorganization Primus has reduced its debt by $ 316 million, or 55%, and will emerge from bankruptcy with approximately $ 255 million of debt. Additionally, Primus reduced interest payments by approximately 50% and extended certain debt maturities. None of Primus' operating companies in
1944-618: The first two years. On November 8, 2013, Primus's board of directors decided to delist from the NYSE and de-register its common stock saying that the savings that would benefit shareholders and the company outweighed the advantages of continuing as a NYSE listed and a reporting company. Without the annual accounting and legal costs, and administrative burdens associated with SEC reporting obligations and compliance with Sarbenes-Oxley Act, Primus said it would be able to reduce its costs while still maintaining an environment with appropriate financial controls. On January 7, 2014, HRG Group Inc. purchased
1998-580: The organization. In January Primus won the Washington Technology Fast 50 award. Later that year they were recognized by Deloitte & Touche as the fastest growing technology company according to their Fast 500 ranking, an award subsequently won by eBay in 2001 and Google in 2004. Primus continued their network expansion by furthering their relationship with Qwest , they signed an agreement to purchase capacity for their nationwide fiber optic cable ring and connecting routes. This agreement came on
2052-509: The relationship involved a US$ 50 million investment by Hewlett-Packard. While Primus continued expanding their ATM and IP networks in the U.S and internationally they also continued their acquisition growth strategy by purchasing LCR Telecom Group, a London-based voice and data reseller; Infinity Online Systems Inc., a Canadian Internet Service Provider; a 38% stake in Bekkoame Internet Inc., a Japanese Internet Service Provider; Shore.Net,
2106-446: The result of sales of IP-PBX, data hosting, and other managed services to small and medium enterprises... On November 11, 2010, Primus announced the acquisition of Arbinet Corporation. A provider of international voice and IP solutions to carriers and service providers globally, Arbinet provides platform intelligence, call routing, and credit management and settlement capabilities. The deal was reportedly worth approximately $ 28 million in
2160-713: The same year, they were granted a Type 1 Telecommunications Carrier License in Japan, which made them one of the first foreign-based carriers to be awarded the license. They were also approved for a Public Telecommunications Operations license to offer voice telephony services in France and to capitalize on their agreement to interconnect with Deutsche Telekom they purchased German Internet Service Provider , TCP/IP GmbH. These developments and Primus' investment in pan-European fiber optic systems such as their Atlantic Crossing 1, Aphrodite Aphrodite, Arianne, CANTAT, Gemini and TAT12/13 meant Primus at
2214-531: The time and continue to remain profitable and record full-year earnings before interest, taxes, depreciation, and amortization (EBITDA) of $ 101 million in 2002. Primus did make some acquisitions in this period purchasing the U.S. retail voice customer base of Cable & Wireless in 2002, Canadian Internet provider Magma Communications Ltd and in Australia the internet service and interactive media businesses of AOL/7 as well as small Australian dot-com firms UseOz, Blue Mountains Internet and Standard.net. This period
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2268-693: The time offered services to 25 major cities located in 11 countries, including Austria, Denmark, England, France, Germany, Italy, The Netherlands, Norway, Spain, Sweden and Switzerland. Primus continued to pursue growth through the purchase of assets in 1999. They purchased a 51% controlling stake in Brazil's fifth largest Internet Service Provider, Matrix Internet S.A to gain access to the Brazilian market; they also acquired DSL provider DigitalSelect LLC to improve their residential broadband capabilities and firm 1492 Technologies to add e-commerce and web services capabilities to
2322-411: The type of content and the user's network location. The servers are located in more than 200 countries and territories. Receiving content from a server nearer to the user allows for faster downloads and less vulnerability to network congestion . Akamai claims to provide better scalability by delivering the content over the last mile from servers close to end-users, avoiding the middle-mile bottleneck of
2376-659: The world's fifth largest carrier of international public switched telephone network (PSTN) voice traffic. Primus also used this period of growth to move their stock from the NASDAQ SmallCap Market to the NASDAQ National Market to gain more transparency. Towards the end of 2004, Primus' stock fell 69% and continued to fall in 2005 as their core revenue streams of long-distance telephone service, dial-up Internet connections and prepaid calling began shrinking. To remedy this trend Primus announced they would be shifting their focus from their long-distance voice heritage to become
2430-602: The year Primus also purchased GlobalServe Communications, a privately owned Canadian Internet Service Provider. These acquisitions were closely followed by the purchase of many of the retail operations of Telegroup Inc, including their Australian subsidiary. A long-distance telephone company based in Fairfield, Iowa with 350,000 customers around the world, Telegroup was in Chapter 11 bankruptcy before Primus purchased their assets for $ 72 million. Primus' growth did not end there. In March of
2484-546: Was added to the S&;P 500 Index. In 2013, co-founder Tom Leighton was elected chief executive officer, replacing Sagan. In 2013, the Securities and Exchange Commission charged a former executive at Akamai Technologies for illegally tipping non-public information about the company's financial predicament as part of the insider trading scheme operated by now-imprisoned Galleon Management hedge fund founder Raj Rajaratnam. In 2014 it
2538-496: Was also the beginning of Primus' growth through acquisitions. In April, Primus purchased Cam-Net Communications Network Inc. to allow them to enter the Canadian long-distance market. Later that year, Primus acquired Telepassport LLC and the assets of USFI Inc; this expanded Primus' long distance services operations into Germany, Japan, Austria, Switzerland and South Africa. 1998 saw Primus expand their operations further in Australia with
2592-622: Was announced in June 2019. WBEH-CD of Miami, Florida and WSPF-CD of St. Petersburg, Florida were sold by WPMF Miami LLC for $ 3.7 million. The sales of these stations would fall through by the end of the year. WSCG and WSPF would later be sold to TCT, while WBEH would later be acquired by the Word of God Fellowship, parent of the Daystar Television Network . On October 21, 2022, INNOVATE Corp. announced that Azteca América would cease operations on December 31, after 22 years of operation as
2646-713: Was later completed for US$ 150 million. The completion of this acquisition increased Primus' customer base to approximately 200,000 corporate, small and medium-sized business, residential and wholesale customers in the North America, Europe and the Asia-Pacific regions. That same year, Primus received international carrier status from Canada's Radio and Telephone Commission and signed a significant deal with Qwest for fiber and increased bandwidth capacity for their U.S points of presence. In March 1999, Primus' Canadian subsidiary purchased Toronto-based London Telecom Group Inc. Earlier in
2700-621: Was listed on the NASDAQ Stock Market from October 29, 1999. On July 1, 2001, Akamai was added to the Russell 3000 Index and Russell 2000 Index. On September 11, 2001, co-founder Daniel M. Lewin died in the September 11 attacks at the age of 31 when he was stabbed by one of the hijackers aboard American Airlines Flight 11 , the first plane to crash into the World Trade Center . He
2754-570: Was purchased from Polnet Communications for $ 7 million. Further transactions included WVTT-CD from Woodland Communications LLC for $ 1.5 million, along with stations from Milachi Media for $ 1,172,661, CNZ Communications for $ 1.75 million, and V1 Productions Inc for $ 503,000. September 2018 saw the announcement of the purchase of WJFB in Lebanon, Tennessee from Radiant Life Ministries for $ 5.75 million. HC2 also purchased Columbus, Ohio station WDEM-CD from Minority Brands for $ 850,000. Also in September,
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#17329051912212808-895: Was reported that the National Security Agency and Federal Bureau of Investigation used Facebook 's Akamai CDN to collect information on Facebook users. On February 9, 2021, Akamai announced it would reorganize into two internal groups, Security Technology and Edge Technology. It also re-established the role of chief technology officer, and named Robert Blumofe to that role. Long-time chief security officer (CSO) Andy Ellis announced he would leave in March 2021. Akamai's headquarters are in Kendall Square . It started in Technology Square and later expanded to multiple buildings in Cambridge Center . It consolidated its offices in
2862-587: Was seated closest to the hijackers and may have tried to stop them. Arabic news network Al-Jazeera was an Akamai customer from March 28, 2003 to April 2, 2003, when Akamai decided to end the relationship, which the network's English-language managing editor claimed was due to "political pressure". In 2005, Paul Sagan was named chief executive officer of Akamai, taking over from Conrades. Sagan worked to differentiate Akamai from its competitors by expanding its breadth of services. Under his leadership, it grew to $ 1.37 billion in revenue. In July 2007, Akamai
2916-465: Was still a period of growth and relative success for Primus. In 2003, Primus was added to the Russell 3000 index, a U.S. equity index that captures the 3,000 largest U.S. stocks based on market capitalization. They were included in the 2004 'Fortune 1000', Forbes magazines ranking of the largest public companies, based on revenue, in the United States and a 2002 TeleGeography study found Primus was on aggregate
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