The Collaborative International Dictionary of English v.0.48:

Modernize \Mod"ern*ize\, v. t. [imp. & p. p. Modernized; p.
   pr. & vb. n. Modernizing.] [Cf. F. moderniser.]
   To render modern; to adapt to modern person or things; to
   cause to conform to recent or present usage or taste.
   --Percy.
   [1913 Webster]

WordNet (r) 3.0 (2006):

modernized
    adj 1: brought up to date; "modernized methods" [syn:
           modernized, modernised]