Autodesk no longer pursuing PTC acquisition, Bloomberg reports
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Boston Globe
4 minutes ago
- Boston Globe
Neil Barua shines as CEO at Boston software firm PTC
Consolidation could mean more acquisitions for PTC, too. The firm has made three of them in the past two years. Barua, in an interview several weeks before the earnings announcement, said the company will continue to consider smaller acquisitions that help accelerate and augment its existing priorities and core technology. Advertisement Barua joined the company via one of those deals: the $1.5 billion purchase of ServiceMax, a California company that had been controlled by private equity firm Silver Lake (where Barua worked before leading ServiceMax). Barua, who became chief executive upon Heppelmann's retirement in early 2024, relocated to the Boston area, where about 1,000 of the firm's 7,000 employees are based. He's taken a hybrid return-to-office approach, giving employees the option to decide when to go into the Seaport headquarters. Advertisement 'There's a grit and there's a level of, 'We've gone through so many different things over the last four years at PTC and, quite frankly within Boston itself,'' Barua said. 'I actually think that resilience that the Boston community has is a big, big plus. I'm not saying San Francisco doesn't have it, but they don't have it anywhere close to what I've seen here in Boston.' PTC is now one of the biggest software firms in the Boston area and also one of the oldest. The company just celebrated its 40th anniversary. 'It's one of the few companies in technology that's been around for 40 years,' Barua said. 'I believe the next 40 years are going to be even brighter.' Tom Glynn is back in the ring The Wu administration has turned to a familiar face to referee negotiations with the Kraft Group over the construction of a pro soccer stadium: former Massport chief executive Tom Glynn . Glynn is stepping in because state legislation allowing the soccer stadium for the New England Revolution to go up in an industrial zone on the Everett waterfront — across the Mystic River from Charlestown — also requires the Kraft Group to reach community mitigation agreements with Everett and Boston. Aside from his tenure as port authority chief, Glynn has held a number of prominent roles in Boston, including as a top executive with hospital chain Mass General Brigham (when it was still known as Partners HealthCare), chief executive of the Harvard Allston Land Co. , and chair of the MBTA's board. He's essentially coming out of retirement, again, to mediate the soccer stadium talks. Advertisement Glynn has also pulled double duty as a mediator at times. In 2002, then-mayor Tom Menino reached out to Glynn to help bring labor peace to office janitors who were out on strike. Two years later, Glynn worked with Tom Birmingham to help Menino reach contract accords with city police and firefighter unions. The state legislation rezoning the area where the Revs stadium would go requires mediation if a deal couldn't be done by May 1, and sends the issue to arbitration if one can't be reached by Dec. 31. Glynn said he was first approached by Mayor Michelle Wu 's administration in June and was initially reluctant. But after the Kraft Group agreed to the choice, he decided to help. He asked if Rebecca Kaiser , a former Partners colleague who is now a consultant, could join him. Glynn said he'll be paid $10,000 a month for five months to oversee the mediation, starting on Aug. 1, while Kaiser will receive $5,000 a month; the city and the Kraft Group will split the tab. The lead negotiator for the Kraft Group is Jim Cobery , while Lisa Herrington represents the city. 'Our goal is to have a win-win for soccer fans and for the people who live in Charlestown, Glynn said. 'Maybe that sounds naïve or simplistic, but that is in fact the deal.' Teaming up for impact Krissie Kelleher graduated from Boston College nearly 30 years ago. But she clearly remembers the camaraderie she enjoyed and the leadership skills she honed by being part of BC's lacrosse team. It's an experience that informed her decision to join Team Impact from the Rivers School in Weston as the Boston-based nonprofit's chief development officer in January. And now she will draw upon it again, as she steps up to be its new chief executive. Team Impact matches children who have disabilities or debilitating illnesses with college sports teams. The kids and their teams share activities to bond with each other over two years, starting with a 'signing day,' and including hangouts and visits. Advertisement Kelleher replaces Joe Daniels , who left in March after less than a year in the job. Daniels had taken over for longtime leader Seth Rosenzweig , who essentially had turned the organization from a construction company owner's dream into a national nonprofit. Team Impact got started because Jay Calnan of J. Calnan & Associates was inspired by his late brother Chris Calnan 's experience as a batboy at a Red Sox affiliate in Connecticut. Calnan launched Team Impact in 2011 with help from Dan Kraft , a top executive with the Kraft Group , and other Tufts University alums and friends. Since then, more than 4,000 kids have been matched with university teams. Team Impact has offices in Boston and four other cities, a $10 million budget, and a staff of more than 50 people. 'Playing for and captaining the college team taught me so much about leadership and empowerment,' Kelleher said. 'Every athlete understands how important and how formative that experience [can be]. Being able to extend that experience to children that really need it is remarkably invaluable.' From intern to CEO at Alku Be nice to the interns. You never know when one of them might end up running the company. That's one lesson from Andrew Bull 's ascent at Andover-based Alku , one of the state's largest staffing firms. Mark Eldridge announced that Bull will succeed him as chief executive starting on Sept. 9, leading a team of 500-plus employees. Advertisement The company was much smaller when Bull joined about 15 years ago, first as an intern out of UMass Amherst, and then full-time as a recruiter. Most of Alku's executives today, Bull said, started in entry-level positions, just like he did. That's one reason Bull says he appreciates the outside guidance provided by private equity firm New Mountain Capital , which acquired a controlling stake in Alku in 2023. Eldridge will stick around as an adviser to the company he founded in 2008 and will serve as chairman. The timing of the announcement coincided with his 60th birthday. The business specializes in finding people to fill temporary assignments in life sciences and tech; Bull says the agency is considering whether to branch into recruiting for full-time, permanent placements, too. The firm's revenue could approach $600 million this year, though the staffing industry has retrenched in the past few years. As the sector contracts, Alku is gaining market share: Staffing Industry Analysts recently ranked Alku as the 41st largest based on US revenue, up from 57th the previous year, and behind only one Massachusetts-based agency, Beacon Hill Solutions Group . 'In my new hire orientation, I always say there's probably somebody here who will someday be certainly a vice president, or perhaps a president or CEO,' Bull said. 'I absolutely think that's within the cards. ... That's how the company has been built, from the bottom up.' Jon Chesto can be reached at
Bloomberg
5 minutes ago
- Bloomberg
MercadoLibre Falls Short on Profit Despite Brazil Sales Surge
MercadoLibre Inc.'s shares fell after the e-commerce giant missed analysts' estimates for net income, overshadowing a jump in revenue from the expansion of the company's free shipping policies in Brazil. Revenue in the quarter surged 34% from the previous year to $6.8 billion, above expectations of $6.6 billion. Net income in the second quarter was $523 million, below the $612 million average estimate of analysts, according to data compiled by Bloomberg.
Bloomberg
5 minutes ago
- Bloomberg
Wayfair Can Return to Pandemic-Era Growth, Says CFO
Wayfair CFO Kate Gulliver breaks down stronger-than-expected earnings from the furniture retailer, how the company aiming to get back to the growth it saw during the pandemic and strategizing around tariffs. (Source: Bloomberg)
