Invision to spin portal, name CEO

COMMACK - Internet service provider Invision.com plans to spin off its regional portal site, LongIsland.com, this summer following two rounds of anticipated private financing totaling $8 million.

The firm, which raised $1.5 million in venture capital from Newlight Management last year, will name a new CEO to LongIsland.com in the coming weeks, according to President Tyler Roye.

"We want to take LongIsland.com out of the Invision equation to focus on our core business," he said.

"It's like Sesame Street: Which of these is not like the others."

Invision.com, formerly known without the suffix, was founded in 1995 by Roye and four friends and has grown to become one of the largest ISPs on the Island with about 100 employees.

The company declined to reveal revenues.

The company has been moving down several paths. In addition to Web development and hosting, it provides digital subscriber lines and acts as an application service provider to companies in. need of community portal software.

"Were also always working on Longlsland.com," Roye said.

Roye said the additional financing for the company may come in two "quick separate rounds" and is designed to further the company's Web hosting services, while positioning the company to spin off the LongIsland.com portal.

He said the company will raise the money through a "friends and family" round concurrently with a round from some investment groups. Robert Brill of Newlight Associates, which own's about 15 percent of Invision.com, said his firm plans to devote another $1 million. Brill said spinning off Longlsland.com was, the "right thing" to do for the company.

Roye said the company wants to expand its reach into Boston and Washington, and is considering acquiring data centers in those areas.