Currently, Citadon, which was formed as the result of a merger between Bidcom Inc. and Cephren Inc. last October, has more than 30,000 subscribers on projects with a construction value in excess of $110 billion.
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 on-line.
The acquisition of New York-based Madison, which has a client list that includes GE Capital Real Estate and Prudential Mortgage Capital, will enable Citadon to create an application enabling financial institutions to more effectively move off-line lending processes to a Web-based platform to source, underwrite, close, package, securitize and analyze portfolios and construction loans.
Citadon recently helped WorldCom complete a $900-million development initiative nine months ahead of schedule. In addition, the company's technology helped Dallas-based WorkPlace USA complete the development and technical build-out of 1.3 million sf of new construction and leased space in 13 cities for WorldCom.
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