network using their own assets, Concert grew rapidly by purchasing capacity from other TelCo's. Concert with MCI In June 1994 BT and MCI (who had been talking to European rivals France Telecom and Deutsche Telekom about the same idea ), launched Concert Communications Services, a $1 billion joint venture between the two companies. MCI had been in trouble for a while and needed cash - while BT needed a partner for Concert and access to the North American market: BT resultantly bought 20% of MCI to secure the deal, and inject the needed cash. Concert's aim was to build a network which would provide easy global connectivity to multinational corporations. A series of Concert products were announced, which were based on Concert's global delivery platform, to fulfill its stated mission to develop a portfolio of enhanced telecommunication services targeted at multinational corporations. These services were available to purchase from both the owners, plus a series of partners who signed into the Concert global platform around the world. Concert's portfolio of services included: Global virtual network services - voice, switched data, and conferencing Global managed data services - low and high speed packet switching and frame relay as well as pre-provisioned, managed, and flexible bandwidth services. These services included the integration of the former Tymnet network Global application services - messaging, electronic data interchange, e-mail, and videoconferencing Customer management services - network management outsourcing According to Concert, by August 1995 Concert products encompassed approximately $700 million contracts with 2,000 customers in 40 countries and 800 cities. The problem with the Concert arrangement was that, to over come regulation, the three companies (BT, Concert, and MCI) were separate. For instance, each had its own board, sales force, operations team, and billing engine. This made delivering truly global deals virtually impossible - the only Customer Managed Service that progressed to delivery was with Dow Chemical. Concert plc This alliance progressed further on 3 November 1996 when the two companies announcement that they had entered into a full merger agreement to create a global telecommunications company to be called Concert plc, which would be incorporated in the UK with headquarters in both London and Washington DC. Portugal Telecom (PT) also joined the alliance in 1997, but it didn't buy any share on Concert: it would only be the distributor of Concert services in Portugal. BT and MCI bought, respectively, 1% and 0.5% of PT.