Raytheon has won an $886 million contract to develop an improved Global Positioning System (GPS). The contact was provided by the Air Force Space and Missile Systems Center at the L.A. Air Base. The advanced control segment (OCX) development by Raytheon would improve security and reliability of GPS systems. Raytheon’s partners on this project includes Boeing, Braxton Technologies, the Jet Propulsion Laboratory, and Braxton Technologies. [InformationWeek]

Jim Breyer of Accel Partners had an amazing 24 hours yesterday.  Raytheon had acquired BBN Technologies and Disney bought out Marvel.  Breyer helped buy out BBN Technologies about five years ago which gave a nice return to Accel Partners.

Breyer was the third largest direct shareholder in Marvel Entertainment.  He made the investment from his own personal funds and not on behalf of Accel.  According to regulatory filings, Breyer will make $5 million personally from Disney’s acquisition of Marvel.

BBN was purchased by Bell Atlantic back in the day but ended up not gaining much traction after that.  BNN was started by three MIT professors that implemented ARPANET (the base for the founding of the Internet).  BBN was the first to create packet switching, the first router, and the first network e-mail using the @ symbol.