MarchFirst

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
marchFIRST, Inc.
Industry Web development
Fate Bankruptcy
Founded March 1, 2000; 18 years ago (2000-03-01)
Defunct May 2001; 17 years ago (2001-05)
Headquarters Chicago
Key people
Bob Bernard, CEO

marchFIRST, Inc. was a web development company. It was formed at the peak of the dot-com bubble by the merger of US Web and Whittman-Hart and was named after its formation date of March 1, 2000.

On April 13, 2001, approximately 1 year after it was formed, the company filed bankruptcy.

History[edit]

The company was formed on March 1, 2000 by the merger of US Web and Whittman-Hart and was named after its formation date of March 1, 2000. Bob Bernard, the CEO of Whittman-Hart was named CEO of the company.

On October 24, 2000, the company's stock price fell 58% in one day after the company missed earnings expectations.[1][2]

In December 2000, Francisco Partners acquired 32% of the company for a $150 million contribution.[3][4]

On February 13, 2001, the company missed earnings expectations again and its stock price fell another 35%.[5]

On March 13, 2001, several executives including CEO Robert Bernard, COO Thomas Metz, and EVP Joseph Bong resigned.[3]

On April 2, 2001, the company announced 1,700 layoffs.[6][7]

On April 13, 2001, the company filed bankruptcy.[8] On May 1, 2000, the company filed for a liquidation under Chapter 7, Title 11, United States Code.[9]

The company sold most of its assets to Divine for $120 million.[10][11] Former management, including Bernard, also acquired some assets of the company.[12] SBI acquired additional assets of the company in June 2001.[13] marchFIRST Norway was acquired by Itera ASA in July 2001.[14]

References[edit]