Eschelon Telecom filed to go public in 2005, after the telecom crash had wiped out many of its peers. It sold phone lines, internet access and phone systems to small and midsize businesses. It operated in cities across the West and Midwest, from Minneapolis to Seattle and Phoenix. In each of them, it competed with the large regional Bell company for the same customers.

Opened by the Telecom Act

Eschelon began in 1996, soon after the Telecommunications Act opened local phone markets to competition. Its bet was that small businesses wanted one local provider with good service for all their communications. Eschelon leased parts of the incumbent's network instead of building every line itself. It bundled phone equipment with its lines. Like many competitive carriers of its era, it depended on access rules that regulators could change.

Bought by Integra

Eschelon priced its IPO at $14 a share in August 2005 on the Nasdaq, below its planned range of $15 to $17. It grew through acquisitions of smaller carriers. In 2007 Integra Telecom bought Eschelon for about $710 million, including debt. The merger made Integra one of the largest competitive carriers in the western United States. The Eschelon name faded as its customers and networks moved into Integra.

Cover: Flight of Geese, Unknown. Art Institute of Chicago, public domain. Chosen for geese flying in formation (echelon).