LogMeIn

LogMeIn, Inc. is a provider of software as a service and cloud-based remote work tools for collaboration, IT management and customer engagement, founded in 2003 and based in Boston, Massachusetts.[3] The company's products give users and administrators access to remote computers.

LogMeIn, Inc.
TypePrivate
IndustryComputer software
Founded2003 (2003) in Budapest, Hungary
Headquarters
Boston, Massachusetts
,
U.S.
Key people
Bill Wagner (President & CEO)
ProductsCloud-based SaaS
Revenue$1.262 billion (2019) [1]
Number of employees
3,974 (December 31, 2019)[2]
Websitelogmeininc.com

On October 9, 2015, LogMeIn acquired LastPass for $110 million.[4][5][6][7]

In February 2017, LogMeIn completed a merger with GetGo, the corporate spin-off of the GoTo product line from Citrix Systems.[8]

On December 17, 2019, LogMeIn announced an agreement to be sold for $4.3 billion to Francisco Partners and Evergreen Coast Capital Corp., which is a private equity affiliate of Elliot Management Corp.[9] The deal closed on August 31, 2020.[10]

The company was part of the S&P 400 stock market index and has forecast annual revenue of more than $1 billion in 2017.[11]

Products

The company's products are focused on three business areas, including Unified Communications & Collaboration services, Identity & Access Management services, and Customer engagement & support services.[12] The products include:

Company history

LogMeIn was founded in 2003 in Budapest as 3am Labs, and changed its name in 2006.[14]

3am Labs acquired the Hamachi VPN product.[15]

Tridia sued LogMeIn, Inc., for patent infringement in January 2008.[16][17]

LogMeIn, Inc., completed an IPO in 2009. Trading of LogMeIn, Inc., shares on the NASDAQ Global Market commenced on July 1, 2009.[18]

LogMeIn Free was abruptly discontinued on January 21st 2014, only giving users a seven day grace period to migrate to LogMeIn Pro. [19]

In 2011, the company began a move into cloud services for the Internet of Things by acquiring Pachube, which would later become the Xively service.[20] In May 2014, it added to this initiative by acquiring Ionia Corp., which specializes in integrating connected objects.[21]

LogMeIn, Inc., acquired Bold Software, LLC in 2012.[22][23]

LogMeIn acquired Meldium for $15 Million in September 2014[24] and retired the Meldium product offering in July 2017.[25]

In July 2015, LogMeIn launched a new product named "Rescue Lens" designed for providing video-assisted customer support using a camera on the client's iOS or Android device. This allows a customer support representative to join a live feed in order to remotely work on technical issues reported by the customer by seeing the physical product as if it was in front of them.[26]

LogMeIn acquired LastPass for $110 Million on October 9, 2015.[4][5][6][7]

LogMeIn announced in July 2016 a merger with Citrix's GoTo Family of Products via a Reverse Morris Trust.[27]

In July 2017, the company announced they acquired Israel-based software company Nanorep for a reported $45 million and then an additional $5 million in contingent cash for high-performing employees who would continue with LogMeIn for the next two years post the closure of the transaction.[28][29] Nanorep makes customer service software that uses artificial intelligence and chatbots to make more intuitive and engaging customer service.[30]

In February 2018, the company announced the sale of Xively to Google for $50 million.[31]

In February 2018, the company announced the acquisition of Jive Communications for $342 million.[32]

On August 31, 2020 the company's acquisition by affiliates Francisco Partners and Elliott Management Corporation was completed and its stock delisted from the NASDAQ.[33]

See also

References
  1. "LogMeIn Announces Fourth Quarter and Fiscal Year 2019 Results". LogMeIn. Retrieved 2020-05-25.
  2. "LogMeIn Fourth Quarter 2019 Supplemental Data Sheet" (PDF). LogMeIn. December 31, 2019.
  3. "Business Summary".
  4. Brodkin, Jon (9 October 2015). "LogMeIn buys LastPass password manager for $110 million". Ars Technica. Condé Nast. Retrieved 14 December 2018.
  5. Perez, Sarah (9 October 2015). "LogMeIn Acquires Password Management Software LastPass For $110 Million". TechCrunch. Oath Tech Network. Retrieved 14 December 2018.
  6. "LogMeIn to Acquire Password Management Leader LastPass". LogMeIn, Inc. October 9, 2015. Retrieved 14 December 2018.
  7. "LastPass Joins the LogMeIn Family". LastPass. October 9, 2015. Retrieved 14 December 2018.
  8. "BRIEF-Citrix completes spin-off and merger of Goto family of service offerings with Logmein". Reuters. 2017-02-01. Retrieved 2017-02-02.
  9. Miller, Ron. "LogMeIn agrees to be acquired by Francisco Partners and Evergreen for $4.3B". techcrunch.com. Techcrunch. Retrieved 17 December 2019.
  10. Inc, LogMeIn (2020-08-31). "Francisco Partners and Evergreen Coast Capital Complete Acquisition of LogMeIn". GlobeNewswire News Room. Retrieved 2020-10-06.
  11. "LogMeIn Inc". Financial Times. September 22, 2017.
  12. "Company Overview of LogMeIn, Inc". Bloomberg. October 1, 2017.
  13. "LogMeIn Makes Digital Customer Service Smarter; Takes Aim at CRM Market with Introduction of Bold360". GlobeNewswire. June 8, 2017.
  14. "Budapest-founded startup LogMeIn valued at $4.3bn in acquisition deal". www.intellinews.com. 2019-12-19. Retrieved 2020-08-27.
  15. https://secure.logmein.com/corp/pressrelease.asp?id=49 LogMeIn acquires instant VPN creator Archived October 14, 2007, at the Wayback Machine
  16. "LOGMEIN, INC, Form S-1/A, Securities Registration Statement (S-1/A) regarding patent case, Filing Date Mar 7, 2008". secdatabase.com. Retrieved May 15, 2018.
  17. "Tridia patent complaint and demand for jury trial" (PDF). Retrieved 13 May 2017.
  18. "SEC Form 10-K". December 31, 2010.
  19. "FAQ about Changes to LogMeIn Free". January 24, 2014.
  20. Mike Butcher (July 20, 2011). "LogMeIn acquires 'Internet of Things' Startup Pachube for $15m In Cash". TechCrunch.
  21. Alspach, Kyle (2014-05-06). "LogMeIn acquires Boston 'Internet of Things' firm for $12 million". BetaBoston. Retrieved 2014-05-06.
  22. "LogMeIn LogMeIn Acquires Bold Software | LogMeIn". Investor.logmein.com. 2012-01-09. Retrieved 2014-02-20.
  23. "LogMeIn Acquires Web Chat Company Bold Software For $16.5 M". TechCrunch. 2012-01-09. Retrieved 2014-02-20.
  24. Kepes, Ben. "LogMeIn Acquires Meldium--Start Of The Identity Consolidation?". Retrieved 13 May 2017.
  25. "Plans to Retire Meldium". Meldium by LogMeIn. Retrieved 2017-08-03.
  26. https://techcrunch.com/2015/03/24/logmeins-rescue-lens-lets-customer-support-reps-see-the-problem-through-your-smartphones-camera/
  27. "LogMeIn Announces Merger with Citrix's GoTo Family of Products to Create Billion Dollar Industry Leader". GlobeNewswire. July 26, 2016
  28. Lunden, Ingrid. "LogMeIn acquires chatbot and AI startup Nanorep for up to $50M". TechCrunch. Retrieved 2017-11-20.
  29. https://www.martechadvisor.com/news/events-webinars/logmein-acquires-nanorep-a-chatbot-and-ai-tools-vendor/
  30. Harris, David L. (2017-08-01). "LogMeIn buys Israeli AI startup for $45M". Boston Business Journal. Retrieved 2017-08-02.
  31. Ron Miller (February 15, 2018). "Google to acquire Xively IoT platform from LogMeIn for $50M". TechCrunch.
  32. Gagliordi, Natalie. "LogMeIn buys Jive Communications for $342 million | ZDNet". ZDNet. Retrieved 2018-02-08.
  33. "Francisco Partners and Evergreen Coast Capital Complete Acquisition of LogMeIn" (Press release). NASDAQ. Globe Newswire. August 31, 2020.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.