Apptis Inc., a Chantilly-based
information technology company, bought Seta Corp.
of McLean, a technology services company dealing with
the defense and security industries. Seta, which will
operate as a subsidiary of Apptis, had expected revenues
of $86 million in 2004. No layoffs are expected from
the merger. (Business Wire)
Capital One Financial Corp.,
a McLean financial services provider, agreed to buy
eSmartloan from the National Bank of Kansas City and
eSmartloan's management in a $155 million cash transaction.
eSmartloan is an online provider of home equity loans
and mortgages, and is expected to report more than 12,000
loans with over $1 billion in volume in 2004. The acquisition
is a move to diversify Capital One's services and enhance
its presence in the home equity market. (Business
Wire)
LandAmerica Financial Group Inc.
of Richmond, a real estate services provider, bought
Mortgage Credit Services Inc. of Indianapolis, a credit
reporting company. The move strengthens LandAmerica's
presence in the Midwest. (PRNewswire)
Nextel Communications, headquartered
in Reston, and Sprint Corp. Of Overland Park, Kan. agreed
to a $35 billion merger to create the third largest
wireless phone company in the nation. The new company,
Sprint Nextel, will be headquartered in Reston,
and its operation center will be based in Overland Park.
Sprint CEO Gary D. Forsee will serve as CEO; Nextel's
CEO Timothy M. Donahue will be executive chairman. The
combined companies have 78,000 employees and large staff
cuts are expected during the transition. The company
will have 40 million customers, placing it behind Cingular
Wireless LLC and Verizon Wireless. (The Washington
Post)
SI International Inc., a Reston
information technology company, acquired Bridge Technology
Corp., a technology company in Columbia, Md. that serves
the defense and intelligence sectors. The move allows
SI to broaden its client base into the intelligence
area. Established in 2000, Bridge had $22 million in
revenue for the 12-month period that ended in September
2004. (PRNewswire)
The law firms Wolcott River PC
of Virginia Beach and Payne, Gates, Farthing &
Radd PC of Norfolk merged to create Wolcott Rivers
Gates. The new firm, with 24 attorneys, is now the
fifth largest headquartered in Hampton Roads. Carl A.
Eason, a former partner in Wolcott Rivers, is president
of the new firm, which will maintain both offices operated
by the separate firms. (Press release)
