ITT Technical Institute (often shortened to ITT Tech) is a for-profit technical institute with over 130 campuses in 37 states of the United States. ITT Tech is owned and operated by ITT Educational Services, Inc. (NYSE: ESI), a publicly traded company. ITT Educational Services, Inc. (ESI) was spun off by ITT Corporation through an initial public offering (IPO) in 1994, with parent company ITT as an 83% shareholder. ITT Tech licenses the "ITT" name from ITT Corporation, which originates from the latter company's original name "International Telephone & Telegraph". The company was founded in 1946 as Educational Services, Inc. and has been headquartered in Carmel, Indiana, since 1969. From 1965 until its IPO in 1994, ITT Tech was a wholly owned subsidiary of ITT Corporation (as "ITT/ESI"). By 1999, ITT Corp. (which had merged with Starwood the year before) divested itself completely of ITT Tech's shares but the schools still use the "ITT" name under license. It operates over 130 ITT Technical Institutes in 37 states which primarily provide career-focused degree programs to approximately 80,000 students. ITT Tech offers AAS, bachelor's BAS, and master's (business-only, online) degrees.