"This is a very significant deal," says a source working with Citadon. "Doing as well as (they)have on this project is a validation of where (they) stand today. This is saying 'we're a company that's here to stay.'"
Using Citadon technology, Dallas-based project manager WorkPlace USA is finishing up the development and technical build out of 1.3 million sf of new construction and leased space in 13 cities for WorldCom. The state-of-the-art network information centers were developed in Atlanta, Boston, Chicago, Dallas, Denver, Houston, Los Angeles, Miami, New Jersey, St. Louis, San Jose, Seattle and northern Virginia.
The gig not only looks good on Citadon's resume, it looks good on the balance sheet as well. "The deal will bring in a significant amount of money," says the source.
Citadon's project management software automates every step of the project and allows everyone involved -- from the building owner to the contractor -- to communicate and process paperwork online. Essentially, the software facilitates communication and coordination between WorkPlace USA, WorldCom, and multiple consultants and contractors.
For example, any project member who has access can communicate with city officials regarding permits, contact other project members for updates and exchange information with project leaders. As well, the proprietary software owned and created by Citadon, is developed to hold everyone accountable for his or her particular responsibilities.
"Let's say that a contractor sends a city official a request for some information. Without the Internet, he might have to wait five, six, maybe seven days to hear back," explains the source. "But with Citadon's project management tool, the contractor can send a message through the system and hear back in a day or two. It also allows the sender to track where the message is and whether its been opened or not. If a building owner comes back and wants to know why something hasn't been done yet, the contractor can show that he is on time and doing his job because the program stamps a date and time on everything."
Citadon was created with the merger of Bidcom Inc. and Cephren Inc. last October. The company has more then 30,000 subscribers and portfolio that includes 1,200 projects worth more than $110 billion. Bidcom Inc. had raised more than $60 million and Cephren Inc. between $60 and $70 million in its first round of funding. Citadon is now shopping for a second round of funding.
WorkPlace USA, in the process of building a global presence, offers services in consulting, technology, real estate finance, development, architecture, engineering, construction, interior design and aviation.
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