CAMBRIDGE, Mass. - BBNT Solutions LLC 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 research and development and software.
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.