Last week we had the privilege of ringing the Nasdaq stock market Closing Bell to celebrate INAP’s new identity. The evolution of Internap Corporation (INAP) has been underway since Peter Aquino joined INAP nearly one year ago. Changes have and are being made to improve the company, our products and services, and our customer experience, but with change also comes questions. We’d like to address some of the larger changes in hopes of answering the most common questions.
New Executive Leadership Team and Alignment under Two Business Units
One of the first major initiatives was to hire a new, geographically disperse executive leadership team and align the organization around two pure-play business units that we now refer to as INAP COLO and INAP CLOUD. Our new leadership team consists of very experienced individuals with strong track records of success. They reside in various parts of the U.S. and Canada to ensure they are in tune with our customers and the employees of those different markets. Organizing around two business units, each with their own general manager, allows for more autonomy and accountability so we can better support our customers’ needs in a way that more closely aligns with the market.
Improved Financial Position
In the first half of 2017, we raised $43 million in a common equity private placement and completed $300 million in senior secured debt refinancing. This increased financial flexibility bodes well for the confidence of our investors and lenders regarding the future of INAP. Our company is financially healthy and poised for growth. We will continue to invest in enhanced products and management tools for our customers, new data center locations and growth at our existing data centers.
To demonstrate our commitment to the future growth of INAP and create an enduring reminder of the accountability we owe our customers and investors, we’ve rebranded the company to better align with our stock ticker symbol – INAP.
As we continue to roll out this new brand, we refocus our efforts on the values that are at the heart of our success:
Integrity: We believe in being honest — with ourselves, with each other, with our customers. It’s this expectation of integrity that sets us apart.
Quality and Service Excellence: We’re proud to offer superior colocation, cloud, managed hosting and network services, but we believe our most important attribute is our superior customer service. Every employee’s top priority is taking care of our customers.
Mutual Support, Teamwork and Generosity of Spirit: We have a strong team to thank for our innovative approach to internet connectivity, so we’re committed to integrating collaboration into every aspect of our corporate culture.
Innovation and Creativity: We can only move ahead by continually generating new ideas and critically evaluating ourselves. Our creativity is instrumental for our future.
We have embraced this past year as a year of change and welcome the refocus on running our business for the long-term.
We are INAP!