Shares of applications service provider Interliant (Nasdaq: INIT), which offers Web-hosting and e-commerce solutions for online businesses, gained 7-3/8 to 45-1/4 on Tuesday. There were several catalysts for the stock move. On Tuesday, Interliant announced that Herb Hribar will become its CEO effective February 15th. Hribar had been president and chief operating officer of Verio since July of 1998.
This news came one day after the company announced that it had secured $17.5 million in funding from Dell Computer and BMC Software. Interliant also announced that it expects to report record revenues of more than $18 million and a loss of less than $8.8 million for the fourth quarter of 1999.