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Top Company: Excel Communications
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Dallas, Texas
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1988
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| Description |
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Excel Communications was founded in 1988 by Dallas entrepreneur Kenny Troutt as a long distance reseller in the US telecom sector at the birth of telecom deregulation. In the beginning, as the 432nd-largest long distance company in the United States, it began selling franchises through the business model of network marketing or multi-level marketing (MLM). In seven years, it became the fourth-largest long distance carrier in America and the youngest billion-dollar-annual company in history (8 years as compared to the second fastest growing, Microsoft, which took 15 years). On May 10, 1996, Excel became the youngest company ever to join the New York Stock Exchange (NYSE) trading under the symbol (ECI). The ceremonial honor of ringing the opening bell was afforded to, Kenny Troutt, as the company he founded began it's first day of public trading, with an offering of 11.5 million shares of common stock. Excel acquired Telco Communications Group, in June 1997, which was one of the nation's 10 largest long-distance phone companies with its own nationwide fiber-optic network. Before the purchase, Excel had to resell long distance service through other companies networks, such as Frontier. In November 1998, Excel merged with Teleglobe.
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