Global Crossing

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Global Crossing Limited is a telecommunications company that provides computer networking services worldwide. It maintains a large backbone and offers transit and peering links, VPN, leased lines, audio and video conferencing, long distance telephone, managed services, dialup, colocation and VoIP, to customers ranging from individuals to large enterprises and to other carriers. The main emphases are on higher margin layered services like managed services and VoIP with leased lines. Global Crossing is a tier 1 carrier.

Its core network delivers services to more than 700 cities in more than 70 countries and six continents around the globe.[5]

Global Crossing was the first global communications provider with IPv6 natively deployed in both its private and public backbone networks. The company led the way in IP services with the first global deployment of MPLS-te and the first global MPLS-based IP VPN. In addition, Global Crossing also offered the first global multicast IP VPN service option, and the first converged IP solution (VoIP, IP Video, VPN, DIA).

The company is legally domiciled in Bermuda, although its administrative headquarters are in New Jersey.

Contents

Founding and early growth

Global Crossing was founded by Gary Winnick and three business associates in 1997 through Pacific Capital Group, Winnick's personal venture group, which had experienced mixed results in its twelve-year history. In 1997, Global Crossing raised $35 million of capital from the CIBC Argosy Merchant Funds (later Trimaran Capital Partners). The heads of the CIBC Argosy Merchant funds were former associates of Winnick from his days in the 1980s as a salesman at Drexel Burnham Lambert under Michael Milken. CIBC would ultimately realize a gain estimated to be $2 billion from its relatively small equity investment in Global Crossing, making it one of the most profitable investments by a financial institution in the 1990s.[6][7]

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