Take Service Technologies, a Los Angeles–based online travel startup that went out of business abruptly on Monday. That followed the failure of a recent effort to raise a new round of capital, amid new restrictions companies have imposed on employee travel. In an interview, Michael Schneider, Service’s CEO, said he immediately began negotiating a deal with Enterprise Holdings for the car rental firm to acquire Service’s staff and perhaps some of its assets. But last Friday, Enterprise called him to say the deal was off because of the disruption to business travel.
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Take Service Technologies, a Los Angeles–based online travel startup that went out of business abruptly on Monday. That followed the failure of a recent effort to raise a new round of capital, amid new restrictions companies have imposed on employee travel. In an interview, Michael Schneider, Service’s CEO, said he immediately began negotiating a deal with Enterprise Holdings for the car rental firm to acquire Service’s staff and perhaps some of its assets. But last Friday, Enterprise called him to say the deal was off because of the disruption to business travel.