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Ethos Capital to Acquire Public Interest Registry (.ORG) from the Internet Society (ISOC)

Labeled as registries in Domain Industry News, started by Soofi, Nov 13, 2019

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  1. Soofi

    Soofi Punjab, India PRO VIP ★★★★★★★★★★

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    Public Interest Registry Will Continue Management and Mission of .ORG Under New Ownership

    Reston, VA (November 13, 2019) – The Internet Society and Public Interest Registry (PIR) today announced that they have reached an agreement with Ethos Capital, under which Ethos Capital will acquire PIR and all of its assets from the Internet Society. The transaction is expected to close during the first quarter of next year.

    “This is an important and exciting development for both the Internet Society and Public Interest Registry,” said Andrew Sullivan, President and Chief Executive Officer of the Internet Society, the organization that established Public Interest Registry. “This transaction will provide the Internet Society with an endowment of sustainable funding and the resources to advance our mission on a broader scale as we continue our work to make the Internet more open, accessible and secure – for everyone. It also aligns Public Interest Registry with Ethos Capital, a strong strategic partner that understands the intricacies of the domain industry and has the expertise, experience and shared values to further advance the goals of .ORG into the future.”

    “Since the inception of Public Interest Registry, our mission has been to enable the .ORG Community to use the Internet more effectively and change the world for the better,” stated Jon Nevett, CEO of Public Interest Registry. “That will not change. We have enjoyed a long and successful relationship with the Internet Society, and are thrilled that we will be able to continue – and expand – our important work with Ethos Capital while sustaining our commitment to the .ORG Community going forward.”

    Following the close of the transaction, PIR will continue to meet the highest standards of public transparency, accountability, and social performance in line with its longstanding purpose-driven mission, and will consider seeking B Corporation certification. All of PIR’s domain operations and educational initiatives will continue, and there will be no disruption of service or support to the .ORG Community or other generic top-level domains operated by the organization.

    “We are excited to support PIR’s mission and build upon the incredible work it has done to promote success and positive impact for the .ORG Community,” said Erik Brooks, Founder & CEO of Ethos Capital. “As part of our commitment to setting the gold standard of registry operations, we will be establishing a Stewardship Council that will serve to uphold PIR’s core founding values and provide support through a variety of community programs.”

    Mr. Brooks added: “Importantly, throughout the transition and beyond, we are committed to ensuring complete continuity of PIR’s operations and enhancing the relationships PIR has established over the years. We look forward to continuing PIR’s longstanding partnerships and vendor affiliations to ensure domain operations run smoothly and without interruption.”

    Vint Cerf, former Chairman of the Board of ICANN and founding President of the Internet Society, said: “When the Internet Society won the bid to operate the .ORG registry, it enabled a productive and sustainable future for the organization. Public Interest Registry exercised its stewardship to the benefit of the registrants and the Internet Society’s mission. I am looking forward to supporting Ethos Capital and PIR in any way I can as they continue to expand the utility of the .ORG top level domain in creative and socially responsible ways.”

    PIR was established by the Internet Society in 2002 to manage and operate the .ORG domain. Since then, .ORG has risen to become the largest purpose-driven domain used by millions of organizations and others to achieve their online goals.

    Goldman Sachs & Co. LLC is serving as financial advisor to both the Internet Society and PIR. Morgan, Lewis & Bockius LLP and Proskauer Rose LLP are serving as legal advisors to the Internet Society and PIR, respectively. Macquarie Capital is serving as financial advisor and Morrison & Foerster LLP is serving as legal advisor to Ethos Capital.

    Press release: source

    Volunteer Disclosure: I am current Vice President, Internet Society Delhi Chapter.
     
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  2. Samer

    Samer Top Contributor VIP

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    How does this bode for the .org price hikes?

    Samer
     
    Last edited: Nov 13, 2019
  3. Samer

    Samer Top Contributor VIP

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    Trying say, Does it mean they are more likely?

    Samer
     
  4. bmugford

    bmugford www.DataCube.com PRO VIP ICA Member ★★★★★★★★★★

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    Just to summarize -

    - Despite around 4000 comments (99.9% against removing the caps), ICANN ignored them and allowed unlimited price caps.

    - The registry said they were not going to raise prices

    - Months later PIR sells the .ORG operating rights to a private equity firm

    The level of corruption is so brazen at this point. There is no shame.

    PIR does not even own the extension. They are just allowed to operate it under contract.

    So now we are in a position where a private equity firm holds the operating rights to a 30+ year old, highly used extension with no price caps in place to protect registrants.

    Good job ICANN. You really are looking out for the greater good...

    Brad
     
    Last edited: Nov 13, 2019
  5. Soofi

    Soofi Punjab, India PRO VIP ★★★★★★★★★★

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    @GeorgeK
     
  6. carob

    carob Top Contributor VIP ★★★★★★★★★★

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    Read, enhancing the private profitability of the established dependency of charities and not-for-profit public service entitities, who have built on .org and depended on .org.

    Why not set up a not-for-profit entity to run .org?
     
  7. bmugford

    bmugford www.DataCube.com PRO VIP ICA Member ★★★★★★★★★★

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    More information from DomainInvesting.com -

    Richard November 13, 2019 at 2:29 pm

    Ethos Capital was incorporated in Delaware 2 weeks after the public comment period closed.

    And then there’s this:

    “Previously, Ms. Abusitta-Ouri has held a variety of positions at the Internet Corporation for Assigned Names and Numbers (ICANN), including Senior Vice President, Development and Public Responsibility and Director of Engagement, International and Inter-Governmental Organizations.“

    Also, from DomainIncite.com

    John Berryhill
    November 13, 2019 at 7:39 pm
    Domain Name: ethoscapital.org
    Creation Date: 2019-05-07T14:42:38Z
    Registrant Name: fadi chehade

    Fadi Chehade is the former CEO of ICANN, also with ABRY –
    http://abry.com/team/fadi-chehade/

    The absolutely reeks of corruption.
    The timing looks very orchestrated.

    This needs to be investigated.

    Brad
     
  8. NickB

    NickB Wales.org VIP

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    Brad, How long does the contract have left? Or where can i find the information relating to it?
     
  9. Lox

    Lox _____ VIP Gold Account

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    @ domaininvesting comment on Nov 7 ; Donuts will probably try to acquire PIR :stig:
     
  10. bmugford

    bmugford www.DataCube.com PRO VIP ICA Member ★★★★★★★★★★

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    I believe (10) years. It was just renewed recently.
    https://www.icann.org/resources/agreement/org-2019-06-30-en

    ICANN should not allow a registry operator to just reassign a contract to whatever entity they choose without a proper approval process.

    In this case, a private equity firm with no history. What could go wrong?

    This is clearly not in the interest of the "multi-stake" shareholder model.

    Brad
     
    Last edited: Nov 13, 2019
  11. NickB

    NickB Wales.org VIP

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    Not good, but very bloody clever and reeks of collusion/corruption, looks it's all about self interest and not the majority.

    Would be very interested to see the purchase price if and when it is released
     
  12. jmcc

    jmcc Top Contributor VIP ★★★★★★★★★★

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  13. Internet.Domains

    Internet.Domains Account Closed (Requested) VIP

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    There has been some mention that DNS domains may replace crypto addresses in the near future. I can envision a scenario where this new "technology" driven organization spearheads .org to be the first to replace long and burdensome crypto addresses. This is just speculation as .org is already representing many "decentralized" organizations.
     
  14. Larion

    Larion Established Member

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    ... so how many million$$$ did the "non-profit corporation" named "ICANN" make in that deal ?
     
    Last edited: Nov 13, 2019
  15. cooljub

    cooljub Established Member

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    What do you think? They have 'capital' in their name :xf.smile:
     
  16. premkumar

    premkumar Top Contributor VIP

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    I thought north America have very less corruption, but its seems it's outright and like a day light robbery
     
  17. Bob Hawkes

    Bob Hawkes Top Member NameTalent VIP Gold Account Trusted Blogger

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    Lots of unanswered questions, but this does not look good to me. I had naively thought the whole idea was to have a nonprofit run .org, since it is primarily intended for nonprofit organizations (although not restricted to use by them).
    Bob
     
  18. carob

    carob Top Contributor VIP ★★★★★★★★★★

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    There is a big article out now on this, well researched:

    https://www.theregister.co.uk/2019/11/20/org_registry_sale_shambles/

     
  19. carob

    carob Top Contributor VIP ★★★★★★★★★★

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    Here is more from that Register article:

     
  20. cooljub

    cooljub Established Member

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    It's ok everyone (y)

    Ethos Capital's Chief Purpose Officer "also serves as the Executive Director of the Digital Ethos Foundation, a global nonprofit committed to fostering a trustworthy, just and peaceful digital world."

    Come on, we all know the Digital Ethos Foundation don't we? You know, that force for good that has become "global" in the 6 months since it was set up?
     
  21. Soofi

    Soofi Punjab, India PRO VIP ★★★★★★★★★★

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    Statement from Sir Tim Berner's Lee, an English engineer and computer scientist, best known as the inventor of the World Wide Web, is out now on Twitter:

    sirtimblee.jpeg
     
  22. carob

    carob Top Contributor VIP ★★★★★★★★★★

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  23. Soofi

    Soofi Punjab, India PRO VIP ★★★★★★★★★★

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    Statement out by Richard Barnes, member of the Board of the Internet Society, on why he voted to sell .ORG Registry to Ethos Capital. Richard is also co-founder of Lets Encrypt.


    Source: http://www.circleid.com/posts/20191127_why_i_voted_to_sell_org/
     
  24. carob

    carob Top Contributor VIP ★★★★★★★★★★

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    So Richard Barnes says this in there:

    NO. WTF, why would anyone trust a newly created profit driven entity set up by insiders for the sole purpose of grabbing an extension?

    Saying you have intentions is meaningless PR if you are not legally bound to them. How stupid do they think we are?
     
  25. Blitzpotz

    Blitzpotz Account Closed (Requested) VIP ★★★★★★★★★★

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