In 1967, Virtucon Industries was founded by Number Two. Even though it got a rocky start as a small business, it eventually gained enough funding and corporate power.
The company started as a volatile chemicals manufacturing company. In 1982, the company switched to the communications industry, buying and building more than 38 cable company subsidiaries. By 1997, the conglomerate has grown into several different industries, such as shipping in Texas, a steel mill in Cleveland, oil refineries in Seattle, and a factory in Chicago that produced miniature models of factories. In the first two films, the corporation is a front for Dr. Evil's many schemes. However, because of its resources and influence, the police are left with little-to-nothing against Dr. Evil.
The company helps fund and supply Dr. Evil's empire to take over the world. In the second Austin Powers film, Virtucon builds a time machine for Dr. Evil to transport to 1969 (at the time, Virtucon would still be in its growing years).
In Austin Powers in Goldmember, the company is not mentioned or referenced at all. It is possible that Scott took over the company after his father and Number Two become good.