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Our second client was Joe Stroupe, founder of Network 99, Inc., one of the first Internet backbones. Santa Fe Capital Group’s mandate was to locate a buyer and close the deal in 45 days. It was June 15, 1995 and Joe Stroupe, adorned in black shorts and a black tee shirt in his Phoenix office showed David Silver of Santa Fe Capital Group two airline tickets to London dated July 30, 1995. He said to Silver, “We’re leaving on July 30 whether you sell Net 99 or not. But you had better sell it.” Not knowing the difference between a router and a server, Santa Fe Capital Group’s professionals camped out in Phoenix, wrote Network 99’s Descriptive Memorandum, advertised the sale of a “national backbone provider” on the Internet and with conventional teasers, created the Letter of Intent model for buyers to use or modify, handled the due diligence process as prospects kicked the tires and looked under the hood, and drafted the Purchase Agreement for the eventual buyer, APEX Global Information Systems, Inc. (AGIS). The acquisition closed on July 28, 1995. It took 43 days start to finish.
With no other investment bank showing interest in the Internet service provider industry, Santa Fe Capital Group began accumulating sellers seeking the exit door and buyers looking for ways in with such alacrity, it practically had to bail them. News Corp. and MCI Worldcom broke up their partnership in late 1995 and hired Santa Fe Capital Group to sell their national backbone and Delphi Online Service. We accomplished the task with Ziplink. We sold Data Xchange to RMI.Net and Advanced Web Creations to Interliant.
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