Bidcom and Cephren Agree to Merge to Form Citadon
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Bidcom Inc. and Cephren Inc., two leading providers of Internet services to the $3.9 trillion engineering and building industry, have agreed in principle to merge the two companies with the combined company to be named Citadon, Inc.
The merger will result in an industry-leading position with the list of customers reading like a "Who's who" in the engineering and building sector: GE Power Systems, Bechtel Group, Fluor Daniel, Marriott. The combination of Bidcom and Cephren yields a company with more than 30,000 subscribers, and a global portfolio of 1,200 projects worth more than $110 billion. However, specific terms of the transaction weren't disclosed.
In a joint release, both companies on Tuesday said Citadon will combine Bidcom's expertise in managing business processes with Cephren's expertise in project management and collaborative commerce applications to extend the technology frontier for the engineering and building industry and provide customers with the most complete suite of Internet services available today for this industry.
Upon consummation of the merger, Doug Sabella, president and chief executive officer of Bidcom, will become CEO of Citadon and Robert J. Majteles, CEO of Cephren, will become chairman of Citadon, which will be headquartered in San Francisco.