Business Services Industry
The Boston Globe Venture Capital Column.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, August, 2000 by Healy, Beth
Aug. 14--Once the money arrives, the ax can fall swiftly.
Exactly 45 days after Boston's Bain Capital pumped $50 million into a high-tech spinoff of Carolina Power & Light Co., the company has a new strategy, a new CEO, and 80 fewer jobs -- the result of a 24 percent job cut.
The company, Interpath Communications Inc., is an application service provider, or ASP, which runs Web applications and provides data services for large and midsize companies. It is now 65 percent owned by Bain Capital, a powerful private-equity firm. The other 35 percent stake is held by Interpath's former parent, a Raleigh, N.C.-based utility, which also invested $50 million in late June.
Michael Fox, Interpath's executive vice president in charge of strategy and...
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