Industries

Northern Virginia—For the Record

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IceWEB Inc., a Herndon-based provider of networking solutions and services, bought INLINE Corp. of Dulles, a manufacturer of enterprise data storage. The move was prompted by the companies’ common backgrounds in management of large-scale networks. IceWEB expects to expand its presence in foreign markets as the integration process is completed. (News release)

QuadraMed Corp. of Reston, was awarded a $22 million contract by the Department of Veterans Affairs to renew the term license for QuadraMed’s Encoder Product Suite, a health information and revenue cycle management software suite. (News release)

UNITECH Inc. of Centreville was awarded a $8 million contract over two years by the Army to provide a framework for analysis and development of training products to be deposited in a central database available to forces worldwide. (News release)

Dan Hesse, the new president and CEO of Sprint Nextel, a Reston-based telecommunications company, will receive $1.2 million in salary and a $2.7 million signing bonus. He will also receive restricted stock worth $10 million over three years, and 3.3 million stock options. (Associated Press)

Innocoll Inc., a specialty pharmaceutical company headquartered in Ashburn, closed on equity financing, raising $30 million with the sale of convertible preferred stock in a private placement with institutional investors and conversion of existing loans totaling $16 million into convertible preferred stock. Proceeds will be used to fund clinical trials for lead products and general purposes. (News release)


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