Radnet Closes Doors

Lack of funding or acquirer

WAKEFIELD, MA -- VENTUREWIRE -- January 24, 2001 -- Radnet, a business-to-business collaboration software provider, shut down last week. In a letter posted on the defunct business' homepage CEO Davide Scult wrote that Radnet was unable to secure the funding needed to execute its business plan or find an acquirer.

The company raised $42 million and was backed by Warburgh, Pincus & Co., and Applied Technology.