MarchFirst
| Industry | Web development |
|---|---|
| Founded | March 1, 2000 |
| Defunct | May 2001 |
| Fate | Bankruptcy |
| 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
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
- ^ "marchFIRST plunges". CNNMoney. October 24, 2000.
- ^ Waters, Jennifer (October 24, 2000). "MarchFirst stock plunges on report". Marketwatch.
- ^ a b Kaiser, Rob (March 13, 2001). "Marchfirst Founder Resigns In Shakeup". Chicago Tribune.
- ^ Rosencrance, Linda (December 14, 2000). "Struggling MarchFirst to get $150 million from investment firm". Computerworld .
- ^ Waters, Jennifer (February 13, 2001). "MarchFirst shares plunge another 35%". Marketwatch.
- ^ "MarchFirst Announces 1,700 Layoffs". AdWeek. April 2, 2001.
- ^ Foster, Ashlea (April 1, 2001). "Layoffs spell more trouble for MarchFirst". American City Business Journals.
- ^ Rose, Barbara; Kaiser, Rob (April 13, 2001). "Marchfirst Files For Bankruptcy". Chicago Tribune.
- ^ "MarchFirst to Liquidate After Asset Sales Failed". The New York Times. Reuters. May 1, 2001.
- ^ "marchFIRST files Chap. 11". CNNMoney. April 12, 2001.
- ^ "Divine acquires MarchFirst offices". American City Business Journals. April 3, 2001.
- ^ Petrecca, Laura (May 7, 2001). "MARCHFIRST'S QUICK WALK OFF THE I-PLANK". Advertising Age.
- ^ "Bankruptcy court approves MarchFirst acquisition". American City Business Journals. June 27, 2001.
- ^ "Itera buys marchFIRST". Digi.no. July 4, 2001.