In an era of wireless and broadband communication, there are a plethora of companies offering competent services. The best among the best is, however, the ones that consider providing customer-centric services. Verizon Wireless is one such company based in New Jersey providing wireless services to most of the population in the U.S.
It is the biggest telecommunication company with over 159 million subscribers and providing 4G LTE services to 98 percent of Americans. What has been its success story? Who founded it? Through this article, we are going to reveal all this information & the current market value of the company. So read on!
The foundation stone of Verizon wireless was laid back in September 1999 when two established phone companies i.e., American Bell Atlantic and Vodafone AirTouch PLC of U.K. joined hands. This mutual venture of wireless phone service was of worth $700 billion. In 2000, the name Bell Atlantic was changed to Verizon wireless. Verizon then became the largest wireless company in U.S.A as approved by Federal Communications Commission in 2000.
Growth & Operations:
The company stood firm at its position until 2014. Verizon expanded it’s worth by acquiring more phone companies all through the 2000s. Companies acquired by it include SureWest Communications, West Virginia wireless and Ramcell among others.
The company did other big deals too such as buying Alltel which made Verizon wireless again the largest cellphone network of U.S. Verizon communication has acquired 45 percent shares of Vodafone becoming the sole owner of itself in 2014. New York Times has estimated the worth of the company at $290 billion.
Verizon wireless utilizes the “supercookie” mechanism a deep packet inspection tool which though is transparent to customers, was frowned upon by Electronic Frontier Foundation for possible violations. The company then established a system where the customers can choose to opt-out. Ronan Dunne was the company’s new president as of August 2016.
Verizon announced the unlimited data plan in 2017 to improve its quality and to win the race amongst other companies. It resulted in customer-oriented alterations in other company’s services too.
Continuing with the journey, Hans Vestberg is the new CEO from August 1,2018 as announced by Verizon.
Market Value & Large Acquisitions:
As you must have already adjusted yourself to the fact of Verizon being a large company both in worth & name, you might not know that the company has acquired lesser worth companies like AOL and Yahoo for combined $9.23 billion. If it was back in 2000, it must have cost Verizon no less than $364 billion, but as of today Yahoo and AOL might restore their lost value with the most prominent mobile company at their back.
The three most significant acquisitions done by Verizon include buying Alltel in 2008 for $28.1 billion, GTE in 2000 for $64.7 billion and 45 percent of Vodafone stakes in Verizon Wireless for $130 billion.
They have spent a lot and have accumulated enormous riches too. Being the highest ranking company as per annual revenue, Verizon stands at the market value of $188.7 billion with a grand turnover of $100 billion annually.