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Everbridge goes private after closure of Thoma Bravo acquisition
Just last week, Burlington-based Everbridge said it expected its deal with Thoma Bravo to close in the third quarter, rather than Q2, due to an outstanding regulatory approval.<\p> In the end, that delay amounted to just two days. <\p>
Among small businesses, there's a huge divide on finances
The smallest businesses are the ones most likely to be struggling, as larger small businesses report better conditions.<\p> The latest data from the Federal Reserve’s Small Business Credit Survey — released earlier this year but since followed up with a more detailed breakdown by size and demographics — shows how, even within the realm of small businesses, there is wide variation.<\p>
Activists gear up for House climate bill
Climate activists are champing at the bit for the House's climate and energy bill, some of them expecting that it could be released next week.<\p> Dan Zackin, legislative coordinator of 350 Mass, gave a legislative update to a webinar hosted by Massachusetts Climate Action Network on Monday, filling in activists from around Massachusetts on the status of the package of climate legislation that top legislators say they intend to get to Gov. Maura Healey's desk this month. <\p>
Five things you need to know, and a classic film in an iconic venue
Good morning, Boston. It’s sports galore this week: Wimbledon, Tour de France, and of course Euro and Copa America soccer is still going on. What’s a sports fan to do? How about focus on just five things you need to know in Boston business news?<\p> Hannah Green reports that a Waltham biotech is axing most of its workforce just weeks after shutting down its late-stage trial in pulmonary arterial hypertension in June.<\p>
Downtown Boston office tower hits the market, offering valuation test
An affiliate of finance giant TIAA has put its office tower at 99 High St. in downtown Boston up for sale, according to multiple real estate sources familiar with the offering — a building that would be the largest to trade in the Financial District since Covid-19 first shook up the office market.<\p> TIAA has owned the 32-story office tower since 2005, when it bought the property for $273 million, or about $374 per square foot.<\p>
Tech layoffs: Mass. companies cut over 1,000 jobs in Q2
A total of seven organizations, including a publicly traded firm, eliminated hundreds of local jobs in the second quarter of the year. <\p> The latest job cuts, with total just over 1,000 for the second quarter, represent a drop in local layoffs after 12 Bay State companies, including four publicly traded companies, eliminated over 2,700 roles in the first quarter.<\p>
VC funding: Boston startups raised $397.2M in June
June may have heated up in terms of temperature, but we saw some cooling of VC funding this month. The combined total VC dollars in June were $397.2 million, a noticeable dip from May’s $698 million. The funding was spread across various industries with a surprise appearance by a Unicorn. <\p> Read about all the June deals here, and be sure to sign up for The Beat, BostInno’s free daily innovation newsletter, so you never miss a funding.<\p>
June M&A deals: Akamai, Knownwell, Boston Scientific and more
June left us with a stark reminder of how quickly the weather can change in Boston. The M&A scene is a little less prone to such dramatic changes and stifling heat (so I’ve been told). Check out last month's mergers and acquisitions, courtesy of reporting by BostInno and the Boston Business Journal in June. <\p> And don't forget to sign up for The Beat, BostInno's free daily innovation newsletter, so you never miss an M&A deal.<\p>
Startup that uses AI to speed up risk analysis raises $7.5M
An early-stage AI startup that says it can simplify the challenges of risk decision making and portfolio management for complex credit products has raised $7.5 million in seed financing. <\p> Unusual Ventures led the seed round, which included investment from Boston Seed, Argon Ventures and Impellent Ventures.<\p>
Waltham biotech to terminate 'nearly all' its workforce
After shutting down its late-stage trial in pulmonary arterial hypertension in June, a Waltham biotech is now axing most of its workforce. <\p> Aerovate Therapeutics (Nasdaq: AVTE) said in a securities filing that “nearly all of its workforce will be terminated in the coming months.” <\p>
Eastern Bank names new board members ahead of Cambridge Trust merger
Just ahead of its expected completion of merging with Cambridge Trust, Eastern Bank has announced four Cambridge Trust board members who will join Eastern's Boards of Directors upon closure of the deal.<\p> When the merger is completed, Denis Sheahan, current chairman, president and CEO of Cambridge, will join Eastern's Board of Directors, along with Leon Palandjian, Cathleen Schmidt and Andy Zelleke. Sheahan joining the new board was announced, along with the merger, last September. <\p>
Investor behind GameStop stock frenzy acquires stake in Chewy
Massachusetts native Keith Gill, the investor known online as "Roaring Kitty" whose analysis helped GameStop's stock soar in value in 2021, has acquired a 6.6% stake in Boston- and Florida-based Chewy Inc. <\p> Gill, who lived in Brockton and Wilmington, purchased more than nine million shares of the online pet supply company, according to a U.S. Securities and Exchange Commission document filed July 1. <\p>
Cambridge AI venture studio raises $77M, documents show
Less than a year since launching, C10 Labs has brought in its first funding. <\p> The AI venture studio based in Kendall Square raised approximately $77.9 million from 18 investors. That's what it told the U.S. Securities and Exchange Commission last week, according to an amended regulatory filing dated June 27. <\p>
Celtics' owners put team up for sale
Just a few weeks after winning its 18th NBA championship, the Boston Celtics ownership is looking to sell the company, the team said in a statement on Monday.<\p> The Boston Celtics majority ownership group, Boston Basketball Partners, has put one of the most valuable professional sports franchises up for sale.<\p>
Boston mayor appoints deputy chief of staff, press secretary
This article is available in Spanish in partnership with El Planeta Media. Este informe está disponible en español, traducido por El Planeta Media.<\p> The Boston mayor's office has announced the appointments of Ricardo Patrón as deputy chief of staff and Emma Pettit as the new press secretary.<\p>
Small-business grants you can apply for this month
Small-business owners might be more confident about their future, but they are still worried about inflation.<\p> That’s the big takeaway from the U.S. Chamber of Commerce's Small Business Index, conducted in partnership with MetLife, which hit the highest level of optimism since early 2020, with about 73% of business owners expecting their revenue to grow in the next year. <\p>
Boston Speaks Up with Mike Farber of GreenStory
Mike Farber has played many roles throughout his career, serving as a brand builder, mentor, advisor, partner and now, co-founder. In his latest career move, Farber has the world’s best interests in mind by co-founding GreenStory, an agency focused entirely on elevating the stories of organizations addressing the climate crisis. Farber is also an advisor at Greentown Labs, the country’s biggest climate tech accelerator, based in Somerville. <\p> Before launching GreenStory, Farber began his career at Schwartz Communications, where he worked with scores of newly launched companies, guided four clients through successful IPOs and helped many others become acquired. His experience spanned multiple types of technologies, ranging from consumer to enterprise software to clean energy (which he has always magnetized towards). Farber helped lead the growth of Schwartz’s San Francisco office in the late 1990s, before moving back to Boston in 1999. At Schwartz, he worked alongside peers who became the founders of LaunchSquad, which was the next stop on Farber’s journey. In 2010, he joined LaunchSquad as a partner, where he founded LaunchSquad’s Boston office and helped high-growth companies tell their stories to the world. <\p>
Music, arts festival held at Franklin Park
One of the biggest celebrations of Black artistry and entrepreneurship in New England came to a politically charged green space in Boston this weekend.<\p> Boston Art & Music Soul (BAMS) Festival hosted its sixth-annual cultural display at Franklin Park on June 29 and June 30. <\p>
Boston medtech opens Back Bay HQ, ramps up commercial efforts
Elucid, a company that makes imaging analysis software for physicians, has moved into a new, larger headquarters. <\p> The Boston medtech has taken a new office at 399 Boylston St. in Boston’s Back Bay. The new space is more than 16,000 square feet, larger than its previous 6,655-square-foot office at 2 Park Plaza in Boston.<\p>
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