West Corporation - History

History

Mary West, a teleservices pioneer, in 1973 founded Nebraska-based Mardex Corporation, which grew to become one of the country's major companies handling inbound telemarketing phone calls. In 1978 Mary West founded WATS Marketing of America. Her husband Gary West left his hospital job the following year to become the chairman, president and CEO of WATS, while Mary West served as vice president of finance.

In 1980, the Wests sold WATS to First Data Resources but remained on staff as managers. By the mid-1980s more teleservices firms were started in Omaha. In 1986 Mary West left WATS to start West TeleServices, her third teleservices firm.

Together with its affiliates, West was one of the largest independent teleservices companies in the United States. During the first nine months of operations, the company focused its resources on designing and building an automated call-processing platform to effectively manage large volumes of inbound calls. In January 1989, the company began offering automated voice response services using its own proprietary technology platform.

In May 1990, the company began offering outbound teleservices using state-of-the-art workstations staffed by highly trained teleservices representatives. During this time, the company became a leading provider of inbound, outbound and interactive services to businesses on an outsourced basis. The company also believed it had established a distinct competitive advantage in its ability to offer a range of services through its three operating divisions (Inbound, Interactive and Outbound) on a fully integrated basis.

In 1995, West Teleservices began offering psychic 1-900 services through a client, Access Resource Services/Quintel/New Lauderdale which became the Psychic Readers Network which used Miss Cleo as the spokeswoman. Shying away from the spotlight, West took a backseat to the publicity while quietly making millions in revenue from consumers nationwide. However, West made a great effort to conceal their connection to the pay per call industry.

On Nov. 26, 1996, West announced that it had filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to conduct an initial public offering (IPO). The first day of the IPO closed with the company's common stock at $21.88 per share, up from the initial price of $18 per share. The company's IPO raised $102.6 million, most of which was planned for repaying debts and notes issued to existing stockholders.

On May 31, 2006, West Corporation announced that it had entered into a definitive agreement to recapitalize the company in a transaction sponsored by an investor group led by Thomas H. Lee Partners and Quadrangle Group LLC. West stockholders voted to adopt the merger agreement at a special meeting held on Oct. 23, 2006.

On Oct. 24, 2006, the company announced the completion of the recapitalization. West Corporation common stock was delisted from the NASDAQ, and trading was suspended prior to market open Wednesday, Oct. 25, 2006.

On Oct. 2, 2009, West Corporation announced that it had filed a registration statement with the SEC relating to the proposed IPO of its common stock.

West currently employs approximately 33,000 employees at its locations throughout North America, Latin America, Europe, the Middle East and Asia Pacific.