The veteran Long Island satellite executive who founded Globecomm Systems Inc. 21 years ago has launched a rival startup based at Stony Brook University's CEWIT Incubator.
David Hershberg said his new company, STS Global Inc., will design, integrate and manage satellite and other telecommunication services for broadcasters, media and governments. He said it has been accepted in the START-UP NY program, which provides state tax benefits to companies in designated tax-free zones.
Globecomm, based in Hauppauge, provides communications services, such as building satellite teleports, providing communications links to ships at sea and transmitting broadcast feeds for Showtime Networks and others.See alsoCompanies that expanded
Hershberg, 77, of Port Jefferson, who started the new company after his noncompete agreement with Globecomm expired in February, said retirement did not suit him. "You get up in the morning, and you've got no place to go," he said.
Peter Goldsmith, president of the Long Island Software & Technology Network, known as LISTnet, said creating a business remains "a burning passion" for Hershberg. "Some people want to retire and play golf," he said. "This is his golf."
In November 2013, Globecomm shareholders approved a $340 million offer by private equity firm Wasserstein & Co. to take the company private. In February 2014, Hershberg was succeeded as chief executive by president and chief operating officer Keith Hall.
"We left a good legacy over there," Hershberg said of his former company.
Hershberg said STS is starting as an eight-person operation in 900 square feet at the 100,000-square-foot Center of Excellence in Wireless and Information Technology.
"They have a lot of space here," he said. "It's a matter of getting off the ground."
Though the company is using "bootstrap" financing initially, Hershberg said that eventually STS probably would seek outside investors.
Goldsmith said Hershberg's "incredible track record" would help him attract capital.
START-UP NY aims to attract technology companies to New York State with tax incentives. Companies pay no state and local taxes for as many as 10 years in return for commitments on investment and hiring. Employees of START-UP NY companies pay no state income taxes for up to 10 years.
Like Globecomm, STS is exhibiting at the Satellite 2015 trade show in Washington this week.