LogMeIn

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LogMeIn, Inc.
TypePrivate
IndustryComputer software
Founded2003; 18 years ago (2003) in Budapest, Hungary
Headquarters,
U.S.
Key people
Bill Wagner (President & CEO)
ProductsCloud-based SaaS
RevenueUS$1.262 billion (2019)[1]
Number of employees
3,974 (December 31, 2019)[2]
Websitelogmeininc.com

LogMeIn, Inc. is a provider of software as a service (SaaS) 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.

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 forecast annual revenue of more than $1 billion in 2017.[11]

Products[edit]

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[edit]

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 21, 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[edit]

References[edit]

  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. ^ a b Brodkin, Jon (9 October 2015). "LogMeIn buys LastPass password manager for $110 million". Ars Technica. Condé Nast. Retrieved 14 December 2018.
  5. ^ a b Perez, Sarah (9 October 2015). "LogMeIn Acquires Password Management Software LastPass For $110 Million". TechCrunch. Oath Tech Network. Retrieved 14 December 2018.
  6. ^ a b c "LogMeIn to Acquire Password Management Leader LastPass". LogMeIn, Inc. October 9, 2015. Retrieved 14 December 2018.
  7. ^ a b "LastPass Joins the LogMeIn Family". LastPass. October 9, 2015. Retrieved 14 December 2018.
  8. ^ a b "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. Archived from the original on 2014-02-03.
  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.

External links[edit]