Citadon provides the Web-basedProjectNet software package and other collaborative software products that enable the delivery of integrated services for the engineering and construction industry in an open technology platform. With ProjectNet, users in remote locations are linked by the Web to share project drawings and requests for proposals; post meeting minutes, project photos and job notes; and perform other key job-management tasks on construction projects.
Warburg Pincus & Co. headed an investment group that included backing from a number of Citadon clients including GE Power Systems, GE Capital, Bechtel Enterprises and Internet Capital Group. “Receiving investor confidence and support of this magnitude amidst the current market conditions is a tremendous endorsement of our technology and business strategy,” said Bernard Fried, Citadon’s president and chief executive officer of.
John Santoleri, a managing director for investor Warburg Pincus, said Citadon is targeting a huge opportunity in the collaboration sector. “The substantial equity commitment in this round will accelerate the company’s ongoing product development effort and allow it to continue to offer leading solutions with clear value and demonstrable return on investment for its customers,” Santoleri said.
In conjunction with the financing announcement, Citadon said it was developing its next-generation software product. The company’s new product is a Web-based collaboration platform designed to improve how companies manage capital projects. Citadon said its new product is supposed to improve efficiency, communication, reduce the need to travel, decrease financial and legal risk and help users manage core business processes.
According to the company’s Web site, 30,000 active subscribers in over 30 countries are using Citadon's services on projects with a construction value in excess of $110 billion. Its customers include The Chicago Transit Authority, Duke Energy, the Bechtel Group and GE Power Systems.