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BuildNet President's Resignation Puzzles Industry

CHARLOTTE-Mike Atwood's abrupt departure and the company's silence intrigues market watchers who wonder what will happen to the 10 newly-acquired firms the Charlotte-based software provider bought with $107 million in venture capital.

By Robert Anthony | Updated on October 23, 2000

CHARLOTTE-It was just last year that Mike Atwood joined BuildNet, a software provider and on-line marketplace for the home-building industry. Almost seven months ago, BuildNet filed a registration statement with the SEC to sell $230 million in stock, but the company is still privately held.

BuildNet was riding high earlier this year when it made national news by receiving a Southeast record-breaking $107 million in venture capital.

Much of that investment came from players in the building industry. With the funds in hand, BuildNet went on an aggressive spending spree and acquired more than 10 companies.

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