FRAMINGHAM (07/13/2000) - Bill Gates is sinking another $100 million into his cherished Internet-in-the-sky venture, helping restore confidence in the next-generation satellite business. The software mogul last week joined several international venture capitalists in providing a total of $1 billion of new equity in ICO-Teledesic Global Ltd., the holding company for the satellite ventures of wireless pioneer Craig McCaw. The holding company controls the successor to ICO Global Communications Ltd., a satellite voice and third-generation wireless company that emerged from Chapter 11 bankruptcy in May. It also controls Teledesic, a broadband IP satellite data network that Gates helped found in 1994 and is projected to begin service in 2004. The satellite business has been seeking a jolt of confidence since global calling and paging pioneer Iridium failed last year.
DSL service provider Flashcom Inc. is buying Axcelerant Group to add information systems services to its high-speed access business. Rather than providing connections to the Internet or other public networks, Flashcom will offer services such as managed teleworking, videoconferencing and setting up VPNs with business partners. Axcelerant's portfolio also includes network-security consulting.
PSINet Inc. named Lawrence Hyatt chief financial officer and executive vice president last week. Hyatt International Corp. takes over the executive financial reins several months after the ISP's previous CFO, Ed Postal, left the company to work for Cidera Inc., a content distribution service provider.
PSINet's new CFO has 20 years of experience with Marriott International Inc.