What is it?
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NAnt is a .NET-based build tool. In theory it is kind of like make without
make's wrinkles. In practice it's a lot like Ant.
If you are not familiar with Jakarta Ant, you can get more information at the
Ant project web site (http://ant.apache.org/).

Why NAnt?
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Because Ant was too Java-specific.
Because Ant needed the Java runtime. NAnt only needs the .NET or Mono runtime.

See also: http://nant.sourceforge.net/