Boston Tech Watch: Noncompetes, Markforged, Mimecast & More
[Updated 8/3/18, 12:27 pm. See below.] Here are some of the latest headlines from the Boston-area tech sector:
—The Massachusetts Legislature passed an economic development bill that includes some limits to employee noncompete contracts, the Boston Globe reported. The bill prohibits noncompetes for hourly workers and interns; shortens the allowable length of the noncompete period to one year in most other cases; and requires former employers to provide some compensation while ex-workers wait out their noncompete period.
—A federal jury ruled in favor of Watertown, MA-based 3D printing firm Markforged in a patent infringement lawsuit brought by competitor Desktop Metal, based in Burlington, MA, according to a Boston Globe report. However, Markforged still faces a second lawsuit, in which Desktop Metal alleged that a former intern stole proprietary documents and shared them with his brother, a Markforged executive, according to the report.
—Eze Software, a Boston-based developer of investment management products, is being sold by TPG Capital to Windsor, CT-based SS&C Technologies Holdings for $1.45 billion in cash, according to a press release.
—E-mail security firm Mimecast (NASDAQ: MIME) said it acquired San Francisco-based cybersecurity startup Solebit for $88 million, net of cash acquired. Solebit’s software aims to identify and isolate malware and other threats lurking in digital files and links.
—Salary.com, a Waltham, MA-based seller of cloud-based software that tracks compensation data, said it merged with Kansas-based Compdata Surveys & Consulting for an undisclosed price. Salary.com was owned by IBM, but two years ago, the company’s founders bought it back in a deal partly financed by private equity firms H.I.G. Capital and Prudential Capital, TechCrunch reported.
—Alignable scored $5.9 million from investors, according to a document filed with the SEC. The Boston-based company operates an online social network and marketing engine for small businesses. Alignable has raised $19.4 million to date, says co-founder and president Venkat Krishnamurthy. Its backers include NextView Ventures, Mayfield, and Recruit Strategic Partners, [Added funding total.—Eds]