The management team of Bluebolt Networks, along with a private investor, has bought back the software firm from the Wakefield Group, Gray Ventures, Atlantis Group and Charlotte Angel Partners.

As part of the deal, Bluebolt says it has secured additional cash to develop a free browser version of its interior design software.

Also, Chief Operating Officer Nate Kredich has replaced Atlanta-based Al Kabus as president and chief executive officer of Bluebolt.

Kredich says its previous investors retain an ownership stake in the company, but will no longer hold seats on its board.

“[Bluebolt and its investors] agreed this [acquisition] is the best way to carry our strategy forward, and it gave us the best opportunity to generate value out of what we’ve built,” says Kredich.

Kredich declined to comment on the details of the acquisition, but said the new funding is “significant.”

“It’s a sum that’s reflective of our long-term strategy and our approach to the business,” says Kredich.

That strategy includes creating a free browser version of its current
software Bluebolt Studio, which provides commercial interior designers with access to product information and samples from 58 brands representing manufacturers such as Johnsonite, Milliken and Nevamar. Currently, Bluebolt Studio is only available as a client/server application for download and installation on PCs. Monthly subscriptions start at $13.50 for educational institutions and $30 for professionals.

After the launch of its browser version later this year, the company will continue to offer Bluebolt Studio as a paid premium product with advanced features and functionalities, such as digital sample boards, and tools for collaboration and archiving.

Kredich says the new browser version will help the company drive adoption and usage of its software. “It continues to propagate Bluebolt as the industry standard, and that’s long-term value.”

Bluebolt generates revenue from subscriptions as well as from suppliers that showcase their products via Bluebolt’s software. The company also offers additional services, including digital photography, to its suppliers.

Founded in 1999 by Lori Eichel, Bluebolt Networks has raised $8.5 million in venture capital financing. The Durham-based company has 10 employees.

Bluebolt Web site: www.bluebolt.com