* SI International of McLean raised $60.9 million by selling 4.35 million shares for $14 each in an initial public offering co-led by Wachovia Securities and Legg Mason Wood Walker. It is the region's fifth high-tech government contractor to go public this year. In a sign that the market for shares in government contractors might be cooling, the company's stock closed flat at $14 per share. Shares in other local government contractors that have gone public this year each rose more than 10 percent on the first day of trading. SI also reduced the size of its IPO, from 5 million shares to 4.35 million shares, last month. SI provides consulting, software development and information security primarily to the military and the State Department. For the nine months ended Sept. 28, the company lost $44,000 (2 cents per share) on revenue of $107.2 million. Proceeds from the IPO will be used to pay down debt and for general operating expenses, according to documents filed with the Securities and Exchange Commission.
* LCC International of McLean said it lost $7 million (34 cents per share) on revenue of $17.4 million in the third quarter. Although that compares with net income of $14 million (68 cents) on revenue of $34.3 million during the same period last year, it represents a 43 percent improvement over its second-quarter revenue, indicating the company's customers are starting to spend again. LCC, which designs wireless networks, posted revenue of $12.2 million during its second quarter. "This is a good indication that growth is returning to the wireless infrastructure sector," said C. Thomas Faulders III, chairman and chief executive. The company said it added approximately 25 clients during the quarter from its acquisition of Detron Network Services.
* American Management Systems plans to sell its utilities operations to Wipro of Bangalore, India, for about $26 million. AMS said the sale enables it to exit a non-core business. Computer software services company Wipro plans to integrate the utilities operations into its global technology services division, which has operations across India, North America, Europe and Japan. The companies expect to close the transaction, which awaits shareholder and regulatory approval, at the end of November. AMS, which reported sales of $750.6 million for the nine months ended Sept. 30, is a business and information technology consulting firm.
* Sylvan Ventures, a unit of Baltimore-based Sylvan Learning Systems, completed its $14.5 million acquisition of National Technological University. The distance-learning university, based in Fort Collins, Colo., offers masters degrees in information technology, engineering and business.
* EPhone Telecom, a Herndon company that provides Internet telephony services, named Steve Heap chief operating officer and chief technology officer, effective Dec. 1. Heap has served as EPhone's chief network officer since Aug. 1. He previously was the chief network officer at Aleron.
* Cygnus Business Media, a College Park company that owns Firehouse.com and Firehouse magazine, said it acquired Fire-EMS Information Network, an Internet portal and Web hosting company for fire departments. Cygnus acquired Fire-EMS from Champaign, Ill.-based Cambert for an undisclosed amount.
* Optelecom, a Gaithersburg maker of telecommunications equipment, received money from the Maryland Department of Business and Economic Development to back its loan to construct a 30,000-square-foot building in Germantown. The agency guaranteed $250,000 of the company's $2 million credit line from Allfirst Bank. The state money came from the Maryland Industrial Development Financing Authority, a program that reduces a lender's risk in a project.
* Celsion, a Columbia biotech firm, said it has gained approval from its stockholders to raise the number of authorized shares of its common stock, from 150 million to 200 million.
Compiled from reports by Washington Post staff writers, washingtonpost.com and Dow Jones News Service