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2004 Press Releases

BBNT Solutions, LLC Acquisition Finalized

BBN Becomes Independent; Company Will Continue to Grow Its Core Business and Expand with New Market Opportunities

CAMBRIDGE, Mass., March 29, 2004 — BBNT Solutions, LLC ("BBN") today announced that Accel Partners and General Catalyst Partners, together with the management of BBN, have completed the acquisition of BBN from Verizon. The transaction originally was announced on February 6, 2004 and formally closed on March 26, 2004.

This transaction reestablishes BBN as an independent company. For more than 50 years, BBN has been recognized worldwide for its groundbreaking research & development and software, which exemplify superior innovation and technology leadership. The company continues to maintain a profitable and thriving business while preserving a culture of ingenuity and entrepreneurship, which have become synonymous with the BBN name.

In addition to announcing the formal close of the transaction, BBN also announced the following:

  • Tad Elmer, president of BBN, now will assume the title of president and CEO.
  • BBN has established a Board of Directors, including: Tad Elmer, BBN; David Fialkow, General Catalyst Partners; Ken Novack, General Catalyst Partners; Jim Breyer, Accel Partners; and Kevin Efrusy, Accel Partners.
  • Members of BBN management also participated in the purchase of the company, investing alongside Accel Partners and General Catalyst Partners. Additionally, the company expects to provide opportunities for broad-based employee ownership in the future.
  • Ray Tomlinson, a BBN veteran best known for inventing network e-mail, has been named the recipient of the 2004 IEEE Internet Award.

"We are very pleased to have completed this transaction together with our new partners at Accel and General Catalyst," said Tad Elmer, president and CEO, BBN. "BBN is home to some of the most creative and respected technology minds in the world. The independent BBN will continue to foster a culture and environment that deliver on our commitment to technical excellence and sustained profitability, while fueling ongoing growth in a variety of existing and new commercial opportunities."