It was 2001, and the IT industry was in the doldrums, the dotcom bubble having burst in the wake of Y2K. Many companies that had bought into the dotcom hype or had overspent on Y2K-related purchases were not willing to even think about more IT spend. It would be foolhardy in that environment, according to conventional wisdom, to buy a startup IT company without a track record. But the management of Fraxion went ahead and did just that.

Before bubbles burst