Condo Tower Planned to Replace 2 Seaport Bars
South-Boston-based real estate developer Cronin Group plans a 22-story residential building where the night
spots Whiskey Priest and Atlantic Beer Garden now stand. The tower's 263,000 square feet would include 110 condominiums and 12,000 square feet of retail on the ground floor at 150 Seaport Blvd. Banker & Tradesman reports.
Microsoft Acquires Boston Startup
Ray Ozzie, former chief software architect for Microsoft, has sold his latest Boston-based startup, Talko, to Microsoft’s Skype unit, a Microsoft blog post disclosed Monday. All employees of the company—except for Ozzie—will join Microsoft, Fortune reported. Talko has developed an “innovative mobile app for on-the-go business communications,” Microsoft said. No terms of the acquisition were disclosed.
Berklee College of Music and Boston Conservatory Sign Merger Deal
Even though these two institutions have been exploring a possible merger since this summer, a financial filing reveals that they're intending on going through with it. The deal still won't be official for months, as it's estimated to close June 1, 2016. Both schools hope that the partnership will to a stronger education that will support modern artists. Read more at the Boston Business Journal.
Australian Co. Acquires Waltham-Based StudentUniverse for $28M
Waltham-based StudentUniverse, a travel booking service for students, announced Monday that it has been acquired by a large travel agency group based in Australia. Flight Centre Travel Group, which runs Liberty Travel and more than 30 other brands, said it paid $28 million to acquire the unlisted, Ireland-based parent company of StudentUniverse, according to a statement filed with the Australian Exchange Commission. "The student and youth market is one of travel’s fastest-growing sectors. Young travelers are critical to the entire industry and StudentUniverse has a proven track record in the space. They understand the demands of a young, tech-savvy user base and have incredible roots in technology,” Dean Smith, president of Flight Centre Americas, said in a statement. “Combining their technology prowess with our global team and resources, I am confident that together we will change the course of student and youth travel." Flight Centre has an annual turnover of more than $17 billion and employs 15,000 people across the world, including in New Zealand, South Africa, Hong Kong and the United Arab Emirates. StudentUniverse, which employs 65 people in Waltham and more than 160 across the globe, will continue to operate as an independent entity and its CEO, Atle Skalleberg, will report to Smith. Before the acquisition was completed, Flight Centre said in a filing that StudentUniverse brings in more than $250 million in total transaction volume—which is not the same as revenue. Flight Centre Managing Director Graham Turner said in that filing that StudentUniverse is estimated to be worth more than $180 billion annually.
"Uber for Planes" Startup Loses in Court
Boston startup Flytenow, which offers an Uber-like service for travelers who want to fly in private planes, has lost its bid to get a federal court review of a previous FAA ruling. The FAA’s previous ruling had said pilots taking part in the service must possess commercial licenses. A federal appeals court on Friday turned down the request for a review by Flytenow. “Regulators have good reasons to distinguish between pilots who are licensed to offer services to the public and those who are not, as other courts have recognized,” the court wrote in their decision, which is posted here. Investors in Flytenow have included Dorm Room Fund Boston. Read more on Bloomberg.
Massive Cocaine Shipment from Boston Stopped in New York
Two men have been arrested in New York attempting to transport about 136 pounds of cocaine--about $3 million worth--from Boston to New York, law enforcement officials in New York said Saturday. Xavier Herbert-Gumbs had 110 pounds of cocaine, pressed into bricks, officials said. Mark Soto, 23, was allegedly arrested later with about 26 pounds in the trunk of his car. Both live in Puerto Rico and are alleged to be members of a major drug trafficking network. Soto is a private in the Army Reserves. New York city's special narcotics prosecutor, Bridget Brennan, announced their arraignment over the weekend. Bail was set at $400,000. NBC New York reports.
Valet Parking Startup Luxe Is Pulling Out of Boston
Luxe Valet is halting its service in Boston and Philly, which it rolled out in April of this year following a $20 million funding round. In a statement, the San Francisco-based company reported 15X revenue growth in the course of one year and said its service is used by customers twice a week on average. It's curtailing its number of cities to "double-down" on "user experience and our technical and operational prowess," the company said in the statement. "We've made the decision to streamline our business and will be pausing for now, two of our newer cities; Boston and Philadelphia." The service will shut down in Boston on Jan. 1. Scott Kirsner reports.
Former HBS Professor's Lingerie Startup Sews Up Funding
Peach Underneath, a lingerie startup founded by former Harvard Business School senior lecturer Janet Kraus, has raised $5 million in new funding, part of a planned $8.4 million round, according to a regulatory filing. It appears Nextview Ventures, Accomplice and angel investor Jean Hammond are involved: The filing names Rob Go (Nextview), Ryan Moore (Accomplice) and Hammond as directors. The Waltham-based company makes lingerie and apparel, and invites women to become personal stylists and sell its products. The Boston Business Journal reports.
HubSpot Wants to Take Over Its Entire Cambridge Building
Big Orange is getting a bigger footprint. For years now, HubSpot (HUBS) has been gradually expanding its territory inside the 25 First Street building in Cambridge. Now the inbound marketing software firm is ready for another expansion of more than 50 percent—and is in fact looking to get the remaining rentable office space in the building if it becomes available, according to an SEC filing Friday. Read more.
