TNS of Reston, which transmits credit card, ATM and other information to financial institutions, filed with the Securities and Exchange Commission yesterday to sell 5.8 million shares. The bulk of the stock, about 4.6 million shares, will be sold by existing shareholders. TNS said in its filing it will use the remaining proceeds to retire some of its debt. The company currently has about 27 million shares outstanding. TNS had 505 employees as of the end of June. The company was founded in the 1990s by Jack McDonnell, who took it public, sold it, bought it back and this year took it public for the second time.
Maximus, a Reston company that provides program management and consulting services to the government, named Lynn P. Davenport chief executive. Davenport is currently chief operating officer of the company. He will replace founder David V. Mastran, who will retire as chief executive and from the board of directors on Sept. 30.
MobilePro, a Bethesda wireless technology and broadband communications company, signed a letter of intent to acquire WorldNet Communications, a Leesville, La., Internet service provider. Terms were not disclosed. MobilePro expects the acquisition to add more than $1 million in annualized revenue and contribute to 2005 earnings.
Sentito Networks, a Rockville Internet telephone service provider, raised $28.5 million in new funding, including a previously announced but recently closed $19 million round led by Kodiak Venture Partners and a $9.5 million round led by Core Capital Partners.
Compiled from reports by Washington Post staff writers.