WALTHAM, MA — Revit Technology Corp. today announced it has secured $7 million in additional funding. Demand for Revit(TM) continues to grow, and with an overwhelming response to the coming release of Revit 4.0, Revit Technology will direct the additional funding to enhance its sales and distribution channels. Atlas Venture and North Bridge Venture Partners maintain their involvement in the Company with this investment. Senior management at Revit Technology also contributed to this latest series of funding.
CHATTANOOGA, TN — Freeliant Inc., an innovative Application Service Provider that uniquely simplified the ASP model by redefining the acronym to represent A Simple Process, recently announced the completion of two funding rounds received in August and October 2001. The additional $5.4 million financial support was provided for implementing customer acquisition strategies and expanding data center operations for the Tennessee focused markets of Memphis, Chattanooga, Nashville, and Knoxville.
HOUSTON — RigNet Inc. announced today that it has completed its financing to fund a state-of-the-art communication center in the Houston area, to invest in new customer contracts and to meet corporate working capital requirements. The financing was led by Altira Group LLC, which invests in companies that develop and commercialize technology for the energy industry. Sanders Morris Harris, a subsidiary of Sanders Morris Harris Group, managed the fund raising and also invested along with certain private investors.
ALEXANDRIA, VA — Hadron Inc. (OTC Bulletin Board: HDRN) today announced it has signed an agreement to acquire Analex Corporation, a provider of high-tech professional services principally to the U.S. government. Founded in 1981, Analex is a privately held engineering and program management firm whose principal customers are NASA and the U.S. intelligence community. Analex has won numerous awards for the design, development, analysis, and testing of products and systems for the aerospace, information technology, high-tech manufacturing, telecommunications, and medical industries. Analex has more than 300 employees and offices in Cleveland, Ohio; Denver, Colorado; Phoenix, Arizona; and at Kennedy Space Center in Florida. Analex’s 2000 revenues exceeded $25 million. The consolidated company will have 450 employees and 2001 revenues of approximately $45 million.
Consideration for the transaction consisted of $6.5 million in cash, 3.6 million shares of Hadron restricted common stock and assumption of certain debts. To finance the transaction, Hadron negotiated a new senior credit facility with Bank of America and concluded a private equity placement. The transaction is expected to be finalized within two weeks.
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