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Banyan Incentives Inc history
Banyan Incentives Inc company history timeline
Banyan Systems was founded in 1983 by David Mahoney, a Data General Corp. manager involved in building computer software that focused on communications problems, and two associates, Lawrence Floryan and Anand Jagannathan.
In October 1984 Banyan Systems began shipping its "virtual networking system" (VINES) to link IBM and IBM-compatible personal computers.
One of Banyan Systems' first customers was Continental Grain Co., which in 1985 bought VINES to wire together 800 PCs.
In 1990 Banyan abandoned further development of its network server and said it would lay off about 40 of its 550 employees.
Software sales now outpaced hardware sales by two to one (compared to 50-50 in 1990), and the company held 7.5 percent of the $1.2-billion market for network software.
In 1991 Banyan Systems introduced a VINES version for computers running IBM's OS/2 operating system.
Banyan Systems went public in August 1992, raising $28 million by selling common stock at $10.50 a share.
Although seemingly healthy, Banyan Systems was entering a more challenging era in 1994 because recent versions of Novell's NetWare and Microsoft's new Windows NT operating system included far greater capability for managing large networks of computers and peripherals.
William Ferry, the new president and chief executive officer hired in February 1997, cut the number of employees by another 22 percent.
In February 1997 Banyan Systems announced a new user-based pricing program providing greater flexibility of platform deployment and a simplified purchasing process, with user-based licensing as an alternative to the company's server-based licensing.
The last half of 1997 was profitable, and the company's service business grew.
Banyan made money in the first quarter of 1998, its third consecutive quarter of profit.
On 4 May 2011, activists from the Mangrove Action Project and more than 40 organizations worldwide released an open letter [PDF] and press release [PDF] in which they slammed the plan.
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Banyan Incentives Inc may also be known as or be related to Banyan Incentives Inc and Banyan Incentives, Inc.