USinternetworking completes restructuring, to merge

Daily Record, The (Baltimore), May 22, 2002 by Staff

USinternetworking Inc. said today it has completed its restructuring, with its bankruptcy reorganization plan becoming effective Tuesday. The Annapolis software company also announced it has received an investment of $81.25 million from an affiliate of Bain Capital. USinternetworking said today that it agreed to merge its operations with Interpath, another application service provider in which Bain Capital owns a controlling interest, to create an ASP with more than 130 customers and combined revenue of about $150 million.

Andrew Stern, currently chief executive of USinternetworking, will be chairman and chief executive of the combined company. Integration of the two companies will commence immediately and is expected to be completed shortly.