Edgewater makes 2nd local buy

Alecian Corp. has been acquired by Edgewater Technology Inc. Both companies provide information technology consulting services.
Edgewater paid $500,000 and the deal could escalate by an additional $1 million depending on Alecian earnings over the next year.
Founded by Kevin Burns in Westport, Alecian has $1.5 million in annual revenue installing systems to help companies monitor their compliance with the Sarbanes-Oxley Act, and its impact on their financial performance.
Edgewater”™s largest customer is Synapse Group Inc., a Time Inc. subsidiary in Stamford that manages magazine subscriptions. Synapse accounted for $9 million of Edgewater”™s $60 million in revenue in 2006, when it pulled a $3 million profit.
Edgewater is known for the 2000 shooting massacre at its Wakefield, Mass., headquarters, when a software engineer killed seven Edgewater employees.
Edgewater already operates a Stamford office via its 2006 acquisition of National Decision Systems, and the company also has an office in White Plains, N.Y. Edgewater employs 300 people.?Edgewater”™s largest shareholder is GAMCO Investors Inc. of Rye, N.Y.