ARI Network Services (NASDAQ: ARIS), a Milwaukee-based company that develops e-commerce software for equipment manufacturers and other customers, was acquired for about $140 million by True Wind Capital, a San Francisco-based private equity firm. Prior to the deal, shares in ARI Network Services traded on the Nasdaq stock exchange under the symbol ARIS. However, after the all-cash deal closes—expected by the end of September—ARI Network Services will go back to being a private company.
—A team of students at the University of Wisconsin-Madison has constructed a second prototype for a vehicle designed to zoom through an above-ground vacuum tube at speeds of 200 miles per hour, the Wisconsin State Journal reported. In August, the “Badgerloop” team, which is made up of more than 150 UW-Madison students, will travel to California to participate in Hyperloop Competition Weekend II, a contest organized by the Elon Musk-run company SpaceX. (Musk introduced the Hyperloop concept in a white paper published in 2013.) The winning team will be the one that can reach the highest rate of speed and then make a complete stop on SpaceX’s mile-long Hyperloop track, according to the report. Read the full story here.