Founded in 1990, National Telecommunications of Florida (doing business as NationalTel) grew to become one of the largest long distance providers in the United States. The company served small and medium-sized businesses and became a CLEC in 1996. In April 1998, NationalTel was acquired by Intermedia Communications for $106 million in stock and $45 million in cash. Intermedia was then acquired by WorldCom in 2001. In July 2002, WorldCom filed for bankruptcy—at the time, the largest bankruptcy filing in United States history.