Monday, August 07, 2006

Yipes finally making it

Yipes was one of the first metro ethernet companies. They say that they were ahead of their time. I say they forgot the number function of a business: to sell services and make a profit. Yipes, founded in 1998, filed bankruptcy in 2002, taking $300M of VC money with them. "Today, Yipes Enterprise Services, which reached profitability last year, is projecting annual revenue growth of 50 percent, bringing it from $30 million in 2005 to $45 million this year." This is mainly due to their new boss figuring out that target markets are a necessary part of business: "Scanlon, who became CEO in 2004, tightened Yipes' focus on some lucrative markets, including financial and legal services. Yipes has nearly 800 customers, including the Chicago Mercantile Exchange, the U.S. Department of the Interior, Lexus-Nexus and 30 percent of the top 250 U.S. law firms."

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