Russell Microcap Index component
|Industry||Supply chain management|
|Warren G. Lichtenstein, (Interim Chief Executive Officer and Executive Chairman)|
|Revenue||$819 million (2019)|
|-$66 million (2019)|
|$731 million (2019)|
|$52 million (2019)|
Number of employees
|Footnotes / references|
Steel Connect, Inc. is a company that provides supply chain management services to software companies. During the dot-com bubble, the company, which was then known as CMGI, had a market capitalization of $41 billion and owned the naming rights to the home stadium of the New England Patriots. Between 1995 and 1999, its stock was the best performing stock in the United States, returning 4,921%. After the crash of the bubble, the stock price fell 99%.
The company was formerly known as College Marketing Group, CMG Information Systems, CMGI Inc., and ModusLink Global Solutions, Inc.
In February 1994, the company became a public company via an initial public offering. That same month, Wetherell founded BookLink, in which the company invested $900,000. BookLink was sold to America Online in November 1994 and the company used the proceeds of the sale to set up CMG @Ventures, a venture capital firm that invested in internet companies.
The company invested $1 million for an 80% ownership interest in Lycos, which was its most profitable investment.
In May 2000, the company acquired Tallan, Inc. for $920M.
In August 2000, the company agreed to pay $7.6 million per year for 15 years for the naming rights of the home stadium of the New England Patriots. In August 2002, after the bursting of the dot-com bubble, the company modified the agreement and the stadium name was changed to Gillette Stadium.
In February 2004, the company acquired Modus Media.
In September 2008, the company changed its name to ModusLink Global Solutions, Inc.
In December 2017, the company acquired IWCO Direct for $476 million in cash.
In February 2018, the company changed its name to Steel Connect, Inc.
On Nov. 19, 2020, Steel Partners Holdings LP delivered a non-binding proposal to Steel Connect's board of directors to acquire all the outstanding shares of common stock not already owned by Steel Partners and its affiliates. As of March 10, 2021, Steel Connect reported that it has not made a decision on the proposal.