New Enterprise Associates, a venture capital company with a specialty in high tech that is known for its roots in Baltimore, made a little-noted move this week that puts the Northern Virginia technology community nearer the center of the firm's orbit.
Peter Barris, long the head of the company's Reston office, was named managing general partner of New Enterprise. That means he's running the show, broadly speaking, and will manage the workings of the tightly knit partnership.
"It is a relatively flat organization with lots of chiefs and a few Indians (excuse the political incorrectness)," Barris said in an e-mail. "That being said, someone has to steer the ship. That is the essence of the job."
New Enterprise is a partnership of 17 professionals in Reston, Baltimore and Menlo Park, Calif. The firm has $1.6 billion in venture funds under management, and is about to close on a new $800 million fund -- so there will be plenty for Barris to do. The firm has about $60 million invested in nine local information technology companies.
Barris said he'll have an office in Menlo Park, but will be spending most of his time in Reston.
Credit to Motley Fool
The Motley Fool Inc. of Reston nabbed a $1 million line of credit from noted high-tech lender Silicon Valley Bank. The online financial information and advice company will use the money for general working capital. Silicon Valley Bank's Southeast Division has been an increasingly tough competitor for mid-tier financing jobs for the region's high-technology companies.
On Friday Netrix Corp. in Herndon formalized its previously announced agreement to merge with Massachusetts-based OpenRoute Networks Inc. in a $114 million stock swap. Netrix provides voice and data network products; OpenRoute provides Internet connection products.
Credit's New Management
Annapolis Junction-based Credit Management Solutions, a credit-
scoring-software company that has been struggling this year, has a new president and chief executive officer. Scott L. Freiman, a co-founder and former president, took the job after Peter M. Leger left the company for personal reasons. Also of note, company co-founder and longtime chairman James R. DeFrancesco stepped down from his position, but will remain on the board. DeFrancesco is still the largest shareholder, and will be an adviser to the company. Board member John J. McDonnell Jr. was named chairman.
Leger had been serving as Credit Management's president since last November when he arrived from Automatic Data Processing. He said he did not want to remain separated from his family, which has been unable to relocate to Maryland from Chicago.
Credit Management, which had $17 million in revenue in 1998, lost more than $15 million in 1997 and 1998, and has continued to lose money this year.