Business Executive, Entrepreneur
|Born||6 September 1959|
|Alma mater||IIT Roorkee
|Occupation||CEO of inome|
|Known for||Founder and former CEO of Infospace|
Naveen K. Jain (born 6 September 1959) is a business executive and entrepreneur. He is the founder and former of CEO of InfoSpace, founder and CEO of inome (originally called Intelius), and founder and Chairman of Moon Express. When Infospace stock was at its heights during the dot-com boom, Jain briefly became a billionaire, appearing on Forbes' list of the "400 Richest Americans" for 2000.
Jain grew up in villages throughout Uttar Pradesh, as well as in cities such as New Delhi. Later he moved to Roorkee, where in 1979 he earned an engineering degree from the Indian Institute of Technology Roorkee, and then moved to Jamshedpur, where in 1982 he earned his MBA at XLRI School of Business and Human Resources.
Early professional life
Jain left India in 1983 after being accepted to Burroughs via a business-exchange program to explore the emerging U.S. high-technology market. He worked at companies that included Convergent Technologies and Tandon Computer Corporation.
In 1989, Jain joined Microsoft in Redmond, Washington, working in the capacity of Program Manager. He initially began working on OS/2 and then moved on to several of Microsoft's flagship products, including MS-DOS, Windows NT, and Windows 95. Jain is listed on three patents from his time with Microsoft. He later moved to the development of the Microsoft Network. Jain left Microsoft in 1996 to form InfoSpace.
Jain founded InfoSpace in March 1996 and served as Chief Executive Officer until 2000. InfoSpace provides metasearch and private-label Internet search services for consumers and businesses. While CEO, Jain's personal worth rose from almost one billion dollars in 1999 to USD$2.2 billion in 2000 when, at the height of the dot-com bubble, he was ranked 121 on the Forbes 400 Richest Americans. He resumed the role of CEO in 2001, but was forced out by InfoSpace's board as chairman and CEO in December 2002. In April 2003, he resigned from the InfoSpace board.
Intelius and subsequent work
In 2012 Intelius and its holdings were restructured. The corporate umbrella was named "inome".
TalentWise is a May 2013 spin-off from inome where Jain serves on the board.
In May 2002, U.S. District Judge Marsha Pechman made a landmark $247 million ruling in favor of Thomas Dreiling, a small shareholder of InfoSpace who brought a lawsuit against InfoSpace as well as then CEO Jain. The judge ruled, Jain had bought InfoSpace stock within 6 months of selling the stock (short swing) . Language in documents prepared by J.P. Morgan Securities incorrectly put control of stock granted to Jain's children's trust funds in 1998 and 1999 in the Jains' account without the Jains' knowledge. The judge ruled that Jain had in essence "purchased" the stock for nothing while Jain had sold the $202 Million of stock within six months of this event that caused the stock to be considered a purchase. Jain argued that he didn't intend to take control of the trusts and blamed J.P. Morgan Securities, Inc., among others, for the mistake.
While the cases were in appeal, attorneys at the Securities and Exchange Commission sided with Jain and urged the appeals court to reverse the ruling. Attorneys representing InfoSpace shareholders agreed to settle the case, fearing the weight of the SEC brief could result in a complete reversal of their ruling during the appeal process. In late 2004, InfoSpace reached a settlement agreement resolving the numerous related lawsuits, including the Dreiling v. Jain, et al. Section 16(b) (short swing) case which was pending on appeal before the United States Court of Appeals for the Ninth Circuit. Insurance carriers finally settled the case in March 2009.
Following the settlement, Jain unsuccessfully sued his stock management company and lawyers. The Supreme Court in March 2009 refused to hear an appeal from Jain of the decision against him from the Washington state Court of Appeals.
In early March 2003, InfoSpace sued Jain for allegedly violating noncompete agreements in his role at newly founded Intelius. In an interview after the suit was filed, Jain said the lawsuit was without merit and was a retaliation for Jain's whistle-blowing. The court found in favor of Jain citing no evidence to support InfoSpace's claim.
In December 2011, Jain received the Lifetime Achievement Award at the Red Herring Global 2011 Conference.
Ankur Jain graduated from the University of Pennsylvania in May 2011, and is working on a business venture that will connect entrepreneurs with innovative technologies with established businesses in foreign markets.
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