Vonage (NYSE: VG) ( ) is a publicly-held commercial voice over IP (VoIP) network and SIP company that provides telephone service via a broadband connection (the company's name is a play on their motto "Voice-Over-Net-AGE").
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Vonage (NYSE: VG) ( ) is a publicly-held commercial voice over IP (VoIP) network and SIP company that provides telephone service via a broadband connection (the company's name is a play on their motto "Voice-Over-Net-AGE").
Vonage promotes itself as "Vonage the Broadband Phone Company" in the U.S. and as "Leading the Internet Phone Revolution." Up until August 2007, Vonage held the most subscribers at nearly 2.6 million subscriber lines, Comcast has now surpassed them and has the most VOIP subscribers. Vonage has completed well over 5 billion calls.Fact: date=February 2007 Vonage has led the Voice over Broadband (VoBB), or Broadband Phone industry through its aggressive consumer marketing in the United States, Canada, UK and other countries globally.
Vonage was originally based in Edison, New Jersey but is now located in Holmdel, New Jersey. Vonage offers services to subscribers throughout the United States. The company expanded into Canada in April 2004 and into the United Kingdom in January 2005.
On April 12, 2007, Vonage CEO Michael Snyder agreed to step down as Chief Executive Officer and resign from the company's Board of Directors. In his place, Chairman and Chief Strategist Jeffrey A. Citron will serve as Interim CEO The company also announced plans for 10% (180) layoffs.
On July 29, 2008, Vonage Interim CEO Jeffrey Citron stepped down to assume the role of non-executive Chairman of the Board and serve as a consultant on long-term strategy. In his place, Marc Lefar (former CFO of Cingular Wireless) assumed the role of CEO. Marc Lefar previously had worked as the CFO at Cingular wireless (now AT&T mobility) for 4 years and had tripled their customer base while reducing churn by 50%.
Initial public offering
Vonage went public on 24 May 2006 at a price of $17 per share, and dropped 23.5% to $13 the following day. The closing price on 15 December 2008 was $1.00.
Prior to the IPO, Vonage solicited its customers via automated phone call announcements and e-mails with an offer to buy shares of the IPO. The price fell $2.15, or 12.7 percent, to close at $14.85 on the New York Stock Exchange, the worst trading day for any IPO in 2006 up to that point. The IPO raised $531 million for the company. Vonage's post-IPO handling of individual pre-IPO investors resulted in a class-action lawsuit(pending March 2007), earning the Vonage IPO a Business 2.0 Magazine award as 14th of 101 Dumbest Moments in Business for 2006.
Telephone number availability
Subscribers are permitted to choose any number in the country of the service they subscribe to for their primary line. Whether it be Vonage US, Canada or UK, subscribers may choose from any area code regardless of their actual residence. Subscribers also have the option of obtaining additional "virtual numbers" for a monthly fee. For example, a subscriber in Florida may choose a number with Manhattan area code 646, allowing callers from New York to be billed only for a local call. In addition, Vonage also offers 'virtual numbers' in Mexico, Canada and throughout Europe for any and all customers to choose from. This is especially beneficial to businesses with an international client base. While Vonage supports porting a telephone number in the US via the FCC's Local Number Portability (LNP), Vonage does not offer phone numbers in every area code in the United States.
