Nestor Traffic Systems gets investment
Nestor Traffic Systems of Providence closed a $2 million equity investment last week, with almost all the money coming from private investors who already own 55 percent of the company. Other funds came from new investors. The company’s largest single investor in Nestor Inc., a publicly traded company based in Providence. Nestor Traffic Systems also received funding, a financing commitment from the Business Development Center of Rhode Island in the form of a $250,000 line of credit and a $250,000 term loan.
High temperature adhesive
The New Bedford-based Fiber Optic Center recently introduced a new product – the Angstrom Bond Blue – a high temperature adhesive.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
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It is designed for production of single mode fiber optic assemblies where consistent quality, high strength, and fast production time is required.
The Fiber Optic Center is a world-wide supplier of Angstrom Bond a fiber optic epoxy and Angstrom Lap, a high performance lapping film. The company also is a stocking distributor of tools, connectors, splices, enclosures and panels.
Analyzing human capital a reality
Levy and Associates, a Providence -based consulting and human resource technology firm recently introduced a new Web-based software tool that allows organizations of any size to quickly conduct a strategic analysis of their human capital.
The software, HRDatamine, delivers hard numbers to executive decision makers about employees’ work activities, time priorities, salary costs and the true market value of employees’ work and capabilities. Until now, compiling, analyzing, and reporting this kind of information had been difficult, costly and time consuming.
In its very first trial at a technology firm, HRDatamine found that more than 20 percent of salaries were spent on work activities that were not value-added and did not support the organization’s strategic priorities.
HRDatamine has also found that when managers neglect to communicate priorities routinely, employees focus on work activities they assume are strategically important. Managers and supervisors are often too busy to keep close tabs on what their subordinates are doing. HRDatamine will quickly help managers to monitor what employees are doing, thus ensuring lean and focused use of human capital.
Choice One completes merger
Choice One Communications, an integrated communications provider offering telecommunications services to small and medium-sized businesses in the Northeast has completed a merger with US Xchange, a facility-based CLEC headquartered in Michigan.
On May 15, the two companies announced a definitive merger agreement to be paid in both cash and Choice One common stock. In accordance with the agreement, Choice One paid net cash in the amount of $303 million and issued 6.74 million shares of new common stock. The merger was effective on August 1.
Network Six reports second quarter results
Warwick-based Network Six, a full service provider of information technology solutions reported its contract revenue for the quarter ending June 30 was up 18 percent over the previous year.
Net income for the period was $137,074 or $.06 share, up $1.8 million from the same period a year ago when it reported a loss of $1.7 million or $2.27 per share. The previous year’s figures include a one-time pre-tax charge of $3.2 million related to the company settling its litigation with the State of Hawaii.
”The First half of 2000 reflected strong growth in our state government business, however, our strategy to enter the private sector arena by providing end to end solutions continues to take longer than expected,” said Kenneth G. Kirsch, president and CEO of Network Six. “As we enter the second half of 2000, our challenge will be to augment our public sector business with our private sector opportunities.”
IBM selects APC protection
IBM has expanded its customized APC power protection offering Netfinity servers to include the Smart-UPS 5000 rack-mount uninterruptable power supply. IBM can now deliver APC’s Smart-UPS 5000 to help increase the availability of its Nefinity 8500R enterprise servers optimized for business-critical applications including storage area networks (SAN), enterprise resource planning(ERP) and e-business.
The APC Smart UPS 5000 rack-mount solution is among the smallest 5000VA units in the UPS industry, consuming only five U rack space. The unit also has received Microsoft’s “Certified for Windows” logo, verifying that it was tested by the Microsoft Windows Hardware Quality Labs for compatibility with Microsoft’s Windows 2000.
