Business Services Industry
Carolina Power & Light to Split Telecommunications Subsidiary in Two.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, May, 2000 by Schill, Karin
May 4--RALEIGH, N.C.--Carolina Power & Light said Wednesday that it will split its telecommunications subsidiary into two parts, giving control of Morrisville-based Interpath to an investment company that will try to boost its value as an Internet application service provider, or ASP.
The decision ends months of speculation about the future of Interpath, which CP&L acquired in 1997, and its 500 Triangle employees.
The deal will give Interpath a $100 million cash infusion from CP&L and its new investment partner, Boston-based Bain Capital, to grow the ASP operation. ASPs are Internet business that keep a variety of programs on their servers, allowing users to go online to use the software on an as-needed basis.
Each company will invest $50...
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