NextWeb was founded in 1999, and started operations with its first customer in 2000. The company has achieved triple-digit annual revenue growth over the past four years, becoming cash flow positive in September 2003 and EBITDA positive in December 2003. As a privately-held company, NexWeb raised $8 million in 4 rounds of venture financing. NextWeb finished 2005 with record revenues of nearly $10 million, and was profitable on an EBIDTA and cash flow basis.
On Feburary 21, 2006, NextWeb and Covad Communications Group, Inc. (ticker AMEX: DVW; web: www.covad.com), a leading national provider of integrated voice and data communications, announced they had finalized an acquisition in which NextWeb became a subsidiary of Covad. – less–ZoomInfo