PlanetGov: We Will Survive

PlanetGov: We Will Survive

PlanetGov.com is hoping to return to profitability in 2001 after laying off 45 people Dec. 21. Its staff reduction included cutting 18 of the 20 people who provided editorial content to its Web site.

Company officials said PlanetGov was profitable in 1998 and 1999 when it was known as Intellisys Technology Corp. of Chantilly, Va. The company was renamed in May 2000 when it launched its Web site. Chief Executive Officer Steven Baldwin said there are no plans to close the site.

PlanetGov's Web site was first supported by $5 million from Blue Water Capital in McLean, Va. This past fall, PlanetGov hired investment bank Friedman, Billings, Ramsey Group Inc. of Arlington, Va., to search for an additional $20 million in venture capital, but like other Internet businesses, found financing too scarce and too expensive, Baldwin said.

The bulk of company's 145 remaining employees are in sales, marketing and engineering. PlanetGov had 2000 revenue of $250 million. The company resells products and services to the federal government.

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