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modernize (v.)

"give a modern character or appearance to, cause to conform to modern ideas, adapt to modern persons," 1680s, from modern (adj.) + -ize, or from French moderniser. Related: Modernized; modernizing; modernizer (1739).

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Definitions of modernize from WordNet

modernize (v.)
make repairs, renovations, revisions or adjustments to;
Synonyms: overhaul / modernise
modernize (v.)
become technologically advanced;
Synonyms: modernise / develop
From wordnet.princeton.edu