Vonage

Vonage is a publicly held Internet telephony service provider, providing business and residential telecommunication services based on voice over Internet Protocol (VoIP). The company was founded in 2001 and is headquartered in Holmdel Township, New Jersey.As of 2014, Vonage reported approximately 2.5 million subscriber lines, in conjunction with mobile application services. Through a series of recent acquisitions, Vonage, previously a consumer-focused service provider, expanded its presence in the business marketplace.HistoryThe company was originally called Min-X.com and was based in Melville, New York. Jeffrey Citron, former CEO and majority shareholder at DatekOnline, was the first major investor in the early development stages. In October 2000, Citron invested $1 million as seed capital.The name was changed to Vonage In December 2000, and in January 2001, Vonage incorporated and moved to Edison, New Jersey.The company first offered subscription service in the United States, then Canada in 2004 and the United Kingdom in 2005. Vonage went public on May 24, 2006.In 2005, it relocated its headquarters to Holmdel, New Jersey.Restructuring effortsIn 2006, in preparation for an initial public stock offering, Michael Snyder, former president of ADT Security Services replaced Vonage co-founder Jeffrey A. Citron as CEO. Citron could not preside over the IPO, because he was permanently barred from associating with any securities brokers or dealers. In 2007, in an apparent restructuring effort to reduce ongoing net losses in the face of double-digit stock price slips and patent infringement issues, Snyder resigned, and Citron returned as Interim CEO. The company announced plans for 10% layoffs, as it secured $215 million in financing.