IDT Corporation
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| Public (: IDT) | |
| Industry | Telecommunications, Technology |
| Founded | August 1990 |
| Headquarters | Newark, New Jersey, U.S. |
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Key people
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Howard S. Jonas, Chairman Samuel Jonas, CEO Bill Pereira, CEO of IDT Telecom |
| Revenue | $1.621 billion USD (2013) |
| $29.39 million USD (2013) 1.8% operating margin |
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| $11.61 million USD (2013) 0.7% profit margin |
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Number of employees
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1,310 (2013) |
| Website | www.idt.net |
IDT Corporation (originally standing for International Discount Telecommunications) is an American telecommunications company headquartered in Newark, New Jersey.
IDT was founded by entrepreneur Howard Jonas in August 1990. He founded the company after opening a sales office in Israel, receiving large international phone bills and then discovering a way to lower them by re-originating calls in the United States.
In 1996, IDT founded Net2Phone, the world's fourth-largest VoIP provider (2017), and sold an unnamed share of Net2Phone in August 2000 to AT&T for $1.1 billion in cash.
In November 2004, IDT launched its retail energy business, IDT Energy. As an electric and natural gas supplier, IDT Energy started with customers in New York State. They have entered many more deregulated markets since then including those in New Jersey, Pennsylvania,Maryland, Illinois and Washington DC. In 2014, IDT Energy was awarded the Industry Leadership and Integrity Award at the NYC Energy Marketing Conference.
On January 26, 2006, IDT Telecom, Inc. sold to GVC Networks LLC all its IDT Winstar Solution subsidiaries: Winstar Communications, Winstar Government Solutions, LLC and Winstar Wireless, LLC.
On February 17, 2006, IDT announced it would reacquire full ownership of Net2Phone, a company it had launched in the mid 1990s.
On May 16, 2006, IDT agreed to sell its IDT Entertainment division to Liberty Media "for all of Liberty Media's interests in IDT, $186 million in cash and the assumption of existing indebtedness." On August 31, 2006, the sale of all of IDT Entertainment's US operations and several international operations was completed. "The remainder of the deal, to include the Canadian and Australian operations, is expected to be closed in the next few weeks after regulatory approval has been given." This sale was completed on 29 September 2006.
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