Cmgi Inc - Early History, Major Investments, Partnerships, And Ipos

CMGI Inc., with origins dating back to 1968, rose to be a leader among Internet holding firms under the direction of David Wetherell. With the 1995 creation of @Ventures, one of the first Internet-only venture capital firms, CMGI operated as an incubator—a firm that invests in business start-ups with the intent of spinning them off or operating the start-ups themselves. By 2001, the company's arsenal included 65 majority-owned and venture investment companies, including AltaVista Co. and uBid.com. CMGI also had forged strategic partnerships with the likes of Compaq Computer Corp., BellSouth, Microsoft Corp., Pacific Century CyberWorks, and Sumitomo Corp. However, the downturn in the dot-com industry forced CMGI to restructure operations by cutting investments and selling off unprofitable businesses.