Colin C. Haley

Telecom infrastructure maker Ellacoya Networks has laid off 50 employees, nearly a quarter of its workforce, because of lagging orders. Less than six months ago, the Merrimack, N.H., startup banked $52 million in venture financing and went on a hiring spree. But potential customers for its switching systems have curtailed major purchases until the economy […]

Content delivery network Akamai and service provider XO Communications have inked an agreement to boost Web site performance for customers. Financial terms were not disclosed. Akamai, of Cambridge, Mass., will gain access to XO’s nationwide optical network by placing its servers at co-location centers. The equipment helps speed streaming media, software and other media-rich Internet […]

InteQ, a Bedford, Mass., provider of IT infrastructure management services, for enterprises, has raised $57 million in second-round financing to hire additional sales staff. The backing is comprised of $40 million is equity investment and $17 million is in convertible debt funding. Investors include affiliates of Merrill Lynch , Mercury Interactive and Charles River Ventures […]

Blue-chip stocks gained ground while tech and Internet issues retreated Monday, but the serious money sat out today’s session as wary investors waited for the Federal Reserve’s rate cut decision on Tuesday. The Dow Jones advanced 16.46, or 0.15 percent, to 10837.77. The Nasdaq shed 25.51, or 1.21 percent, to 2081.92 (its fourth consecutive down […]

Information technology (IT) budgets will rise a modest 7 percent this year, compared to 11 percent last year, as companies brace for tough economic times, according to a new survey from Boston investment bank Adams Harkness & Hill (AH&H). The “Spring 2001 IT Survey” polled more than 300 executives across industry sectors about planned hardware, […]

HookMedia, a Boston Internet media planner, has petitioned for Chapter 11 bankruptcy protection to buy time for a recently negotiated sale of certain assets, according to a memo sent to clients and creditors today. The filing comes after one of HookMedia’s largest clients drastically cut its business with the firm. The company, which has offices […]

A bankruptcy court judge has approved KB Toys’ bid to buy the remaining inventory of defunct e-tailer eToys for $5.4 million. The privately held Pittsfield, Mass., retailer is also interested in eToys’ corporate name and Web address, though no agreement has been reached. The merchandise consists of toys and games for children of all ages […]

To try and turn a profit, Breakaway Solutions, will close two offices, lay off 200 workers and move its headquarters from Maynard, Mass., to Philadelphia, closer to its institutional investors. The Internet consultancy will shut its Denver and London offices and convert a Ft. Lauderdale, Fla., development center into a regional sales office. “The company […]

Gordon Brooks is resigning as chairman and CEO of Breakaway Solutions “to pursue other interests.” He will remain on the payroll of the Maynard, Mass., Internet consulting firm as an advisor. William Loftus, the company’s chief delivery officer, has been tapped as president and CEO. Wayne Weisman, a partner at SCP Private Equity Partners, a […]

Akamai Technologies , of Cambridge, Mass., has formed a joint venture with Softbank Broadmedia, of Tokyo, to sell Internet content delivery services in Japan. The new entity, Akamai Technologies Japan KK, will be run on an interim basis by Softbank Broadmedia CEO Taro Hashimoto. The initiative aims to extend Akamai’s market lead in that country. […]

Pirus Networks, an Acton, Mass., firm that links storage area networks with LANs and WANs, has raised more than $27 million in second-round financing, for research and development, sales and marketing. New backing include StorageNetworks , of Waltham, Mass., and Veritas Software , of Mountain View, Calif. BlueStream Ventures was lead investor. Bessemer Venture Partners, […]

In a second wave of cuts in as many months, Boston Internet consulting firm Zefer has laid off 100 employees, or nearly 15 percent of its workforce, as it tries to endure the dot-com downturn. “Zefer, like all businesses today, is feeling the impact of a slowed economy and needed to realign its cost structure […]