Revit Technology Corporation Secures $7 Million in Additional Funding

Investments Further Reinforce Company's Position for Short- and Long-term Successes

WALTHAM, MA - November 2, 2001 -Revit Technology Corporation today announced it has secured $7 million in additional funding. Demand for Revit continues to grow, and with an overwhelming response to the coming release of Revit 4.0, Revit Technology will direct the additional funding to enhance its sales and distribution channels. Atlas Venture and North Bridge Venture Partners maintain their involvement in the Company with this investment. Senior management at Revit Technology also contributed to this latest series of funding.

"We are committed to delivering the advanced technology and quality of customer service that the building design and construction community lacks with legacy CAD products," said David Lemont, CEO of Revit Technology. "We are streamlining our operation and, with this round of funding, we are assured that Revit Technology is poised for both short- and long-term success."

Revit Technology's client base continues to grow exponentially, with more than 400 new firms using Revit in just the past six months. To date, Revit is used in 14 of the top 20 architectural firms worldwide. Revit 4.0, which will be available to customers at the end of November 2001, will deliver powerful new features for building design, documentation and construction, unparalleled functionality and ease-of-use to architects, construction, engineering and design-build professionals.

Revit Technology is trimming its workforce in line with the realities of the U.S. economic downturn. Additionally, the Company's initiatives include a shift to a distributor sales model in all countries outside the United States. This move is a result of sales success via Revit Solutions Providers in Malaysia, the Middle East, Italy and the Netherlands. Revit Technology intends to repeat this success by appointing distributors in the United Kingdom during the next 60 days.

"Revit is at the forefront of the architectural, construction and engineering industries, and Revit Technology's experienced management team is guiding the Company to continued growth," said Richard A. D'Amore, General Partner, North Bridge Venture Partners. "With the recent launch of Revit 4.0 and introduction of an expanded distributor network outside the United States, the Company is well positioned to continue delivering the building design and documentation technology that is both more powerful and easy-to-use than any other system available."

About Revit Technology Corporation

Founded in 1997, Revit Technology Corporation is revolutionizing building design with Revit - the first parametric building modeller developed for the AEC industry. Revit's advanced parametric technology offers unprecedented ease of use in a product that has been designed to enable architects, engineers, owner/operators and construction professionals to transform the entire process by which buildings are designed, constructed and operated over their lifecycle. With offices in the United States and United Kingdom, and Revit Solutions Providers throughout the EU, the Middle East and Asia-Pacific Revit's revolutionary building technology is in use by leading architectural, building and construction management firms such as Little & Associates Architects, George B.H. Macomber Company, NBBJ, and WAT&G. Investors in Revit Technology Corporation include Dassault Systemes S.A. (Nasdaq: DASTY, Bourse de Paris), FleetBoston Financial Corporation (NYSE: FBF), Atlas Venture and North Bridge Venture Partners.

www.revit.com 

 

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