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Mastercard rings up purchase of Boston tech firm

Mastercard rings up purchase of Boston tech firm

Mark Lennihan/Associated Press/Associated Press


Mastercard rings up purchase of Boston tech firm

Mastercard made a transaction of its own. SessionM, a 250-person tech firm that helps businesses offer direct-marketing campaigns and loyalty programs, was snapped up by the credit card company. The terms of the deal, expected to close by the end of the year, were not disclosed. SessionM is led by chief executive Lars Albright and its current investors include Highland Capital Partners, Kleiner Perkins, Charles River Ventures, General Atlantic, and Causeway Media Partners. — JON CHESTO


Iron Mountain to install massive solar power system atop center

The sun is rising on Iron Mountain. The Boston-based data storage company said it has completed a power-purchase contract that will finance the largest rooftop solar installation of any data center in the country. The 7.2-megawatt solar system atop Iron Mountain’s data center in Edison, N.J., is predicted to generate enough electricity to power more than 1,000 homes, or roughly 15 percent of the data center’s current energy load. The project, slated to be done by the end of the year, is being developed with NextEra Energy Resources and Black Bear Energy. — JON CHESTO


Alfresco Software leaves Silicon Valley for Wellesley

Alfresco Software is finding the open air of New England to be preferable to Silicon Valley. The content-management software company has moved its headquarters to a 7,000-square-foot spot at 100 Worcester St. (Route 9) in Wellesley from San Mateo, Calif. About 30 people are working in the Wellesley office, with a plan to grow that number by 20 percent in the next year. Chief executive Bernadette Nixon has been based in the Boston area during her four years working for Alfresco but has not had a formal office until now. The move follows Boston private equity firm Thomas H. Lee Partners’ acquisition of Alfresco last year. — JON CHESTO



Caterpillar says it will post yearly decline

A bellwether of the global industrial economy may be sending out distress signals. Caterpillar Inc. is heading for a “mild earnings recession,’’ according to Morgan Stanley, and analysts expect the heavy-equipment maker to post its first year-over-year decline in quarterly profit since 2016 when it reports results on Wednesday. Margins are shrinking as demand cools and the US-China trade war fuels caution among customers. — BLOOMBERG NEWS



N.H. system yanks $239 million from Fisher after his lewd comments

The price Ken Fisher is paying for his crude comments keeps soaring. New Hampshire’s state pension is the latest to yank its money from the billionaire’s investment firm — a $239 million divestment. That brings the total amount pulled to more than $2 billion. The move by the New Hampshire Retirement System on Tuesday comes after Fidelity Investments and several pensions withdrew their money after Fisher made lewd comments at an industry conference. New Hampshire joins pension systems in Iowa, Michigan, Boston, and Philadelphia that have divested their money. — BLOOMBERG NEWS


Facebook stock tumbles amid antitrust probe

Facebook Inc. shares fell the most in two months after a state antitrust investigation into the social-media company widened, with dozens more states joining the probe led by New York. Facebook stock dropped after the New York Attorney General Letitia James said Tuesday that 45 states — plus Guam and the District of Columbia — are investigating whether the company harmed competition. Shares fell nearly 4 percent. — BLOOMBERG NEWS


Next-day service delivers profits to UPS

UPS is doing a booming business in next-day deliveries in the United States, but the weakening global economy is contributing to disappointing revenue growth. The delivery giant said Tuesday that third-quarter profit rose 16 percent to $1.75 billion. Revenue, however, fell short of Wall Street expectations. UPS is taking advantage of increasingly demanding consumers. In the third quarter, its volume of next-day deliveries in the United States jumped 24 percent compared with a year ago. — ASSOCIATED PRESS



Boeing executive to leave amid 737 Max crisis

Boeing’s executive in charge of commercial airplanes is leaving, the company said Tuesday. He is the most senior official to depart as the airline maker struggles to contain the crisis following the crashes of two 737 Max jets that killed 346 people. The executive, Kevin McAllister, had been at the center of the company’s efforts to fix the automated system that contributed to the two crashes. This month, The New York Times reported he was under scrutiny inside the company for his poor handling of customer relationships and his management of the commercial division, which is Boeing’s largest business. — NEW YORK TIMES


Nike CEO stepping down in early 2020

Nike said Tuesday that its longtime chief executive Mark Parker (left) is leaving early next year. He will be replaced by board member John Donahoe, who formerly ran eBay. Parker, who has been chief executive since 2006, will become executive chairman of the board. The change comes three weeks after renowned track coach Alberto Salazar was banned from the sport for four years by the US Anti-Doping Agency for running experiments with supplements and testosterone that were bankrolled and supported by Nike, along with possessing and trafficking testosterone. Parker said in a TV interview with CNBC Tuesday that the scandal had ‘‘absolutely nothing’’ to do with him leaving the top job and that succession plans have been months in the making. — ASSOCIATED PRESS



US Bancorp to cut thousands of jobs

US Bancorp is eliminating thousands of branch workers as it adjusts to changing customer preferences, according to a person briefed on the decision. The total represents less than 2 percent of the bank’s workforce, according to spokeswoman Molly Snyder. The company had 74,000 workers as of Oct. 16. None of US Bank’s roughly 3,700 branches will be closed as part of the moves, according to Snyder. — BLOOMBERG NEWS


Hasbro says tariffs no fun and games

Potential prices hikes. Confused outlets. A supply chain that resembles players in a game of Twister. The Pawtucket, R.I., toymaker said the trade war with China is wreaking havoc on its business, prompting its shares to plunge nearly 17 percent Tuesday. The company said price hikes may be on the way for consumers as it offsets rising costs. Chief executive Brian Goldner said they’ve seen multiple dates for the rollout of ‘‘List 4’’ tariffs, which include toys, models, and puzzles. Those tariffs, which had been postponed in August over fears that it would affect the holiday shopping season, are now slated to roll out on Dec. 15. But the shifting dates led to cancelled orders in the third quarter and the inability of Hasbro to meet demand as it shifted operations to accommodate companies that buy its toys and games. — ASSOCIATED PRESS