GoTo (US company)

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GoTo
TypePrivate
IndustryComputer software
Founded2003; 19 years ago (2003) in Budapest, Hungary
Headquarters,
U.S.
Key people
Paddy Srinivasan (President & CEO)
ProductsCloud-based SaaS
RevenueUS$1.262 billion (2019)[1]
Number of employees
3,974 (December 31, 2019)[2]
Websitewww.goto.com

GoTo, formerly LogMeIn Inc.,[3] is a flexible-work provider of software as a service (SaaS) and cloud-based remote work tools for collaboration and IT management, with products including GoTo Connect, GoTo Resolve, Rescue, Central, and more, built for small and midsized business IT departments but powerful enough for the enterprise. The company was founded in 2003 and based in Boston, Massachusetts,[4] and rebranded from LogMeIn to GoTo on February 2, 2022.[5] The rebrand to GoTo comes with a simplified product portfolio to a single application and two flagship products: the IT management & support product, GoTo Resolve, and a new experience for the unified-communications-as-a-service (UCaaS) product, GoTo Connect. These products are unified by a single application, administrative system, and converging user experience.

The rebrand to GoTo announced the launch of a single application with two flagship products: GoTo Resolve for IT management and GoTo Connect for a collaboration application.[6]

On October 9, 2015, LogMeIn acquired LastPass for $110 million.[7][8][9][10] On December 14, 2021, the company announced that LastPass would spin off into its own cloud-based security company.[11]

In February 2017, LogMeIn completed a merger with GetGo, the corporate spin-off of the GoTo product line from Citrix Systems.[12]

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 Elliott Management Corporation.[13] The deal closed on August 31, 2020.[14]

History[edit]

LogMeIn was founded in 2003 in Budapest as 3am Labs, and changed its name in 2006.[15]

3am Labs acquired the Hamachi VPN product.[16]

LogMeIn, Inc., completed an initial public offering in 2009. Trading of LogMeIn, Inc., shares on the NASDAQ Global Market commenced on July 1, 2009.[17]

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.[18] In May 2014, it added to this initiative by acquiring Ionia Corp., which specializes in integrating connected objects.[19]

LogMeIn, Inc., acquired Bold Software, LLC, in 2012.[20][21]

The company abruptly discontinued LogMeIn Free on January 21, 2014, giving users only a seven-day grace period to migrate to LogMeIn Pro.[22]

LogMeIn acquired Meldium for $15 Million in September 2014[23] and retired the Meldium product offering in July 2017.[24]

In July 2016, LogMeIn announced in a merger with Citrix's GoTo products using a Reverse Morris Trust.[25]

In February 2018, the company announced the sale of Xively to Google for $50 million.[26] Also in February 2018, the company announced the acquisition of Jive Communications for $342 million.[27]

On August 31, 2020, Elliott Management Corporation, by its affiliate Francisco Partners, completed its acquisition of LogMeIn, and LogMeIn's stock delisted from NASDAQ.[28]

On February 2, 2022, LogMeIn was rebranded as GoTo,[29] restoring the original brand that ExpertCity created in 1998, before Citrix Systems acquired it in 2004.

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.[30] The products include:

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. Archived from the original (PDF) on June 21, 2020. Retrieved May 26, 2020.
  3. ^ "Announcing GoTo". GoTo.
  4. ^ "Business Summary".
  5. ^ "Announcing GoTo". GoTo.
  6. ^ "Announcing GoTo". GoTo.com Blog. Retrieved 2022-02-02.
  7. ^ Brodkin, Jon (9 October 2015). "LogMeIn buys LastPass password manager for $110 million". Ars Technica. Condé Nast. Retrieved 14 December 2018.
  8. ^ Perez, Sarah (9 October 2015). "LogMeIn Acquires Password Management Software LastPass For $110 Million". TechCrunch. Oath Tech Network. Retrieved 14 December 2018.
  9. ^ "LogMeIn to Acquire Password Management Leader LastPass". LogMeIn, Inc. October 9, 2015. Retrieved 14 December 2018.
  10. ^ "LastPass Joins the LogMeIn Family". LastPass. October 9, 2015. Retrieved 14 December 2018.
  11. ^ "LogMeIn Set to Establish LastPass as an Independent Cloud Security Company Amid Strong Market Demand". www.logmein.com. Retrieved 2022-02-02.
  12. ^ "BRIEF-Citrix completes spin-off and merger of Goto family of service offerings with Logmein". Reuters. 2017-02-01. Retrieved 2017-02-02.
  13. ^ Miller, Ron. "LogMeIn agrees to be acquired by Francisco Partners and Evergreen for $4.3B". techcrunch.com. Techcrunch. Retrieved 17 December 2019.
  14. ^ Inc, LogMeIn (2020-08-31). "Francisco Partners and Evergreen Coast Capital Complete Acquisition of LogMeIn". GlobeNewswire News Room. Retrieved 2020-10-06.
  15. ^ "Budapest-founded startup LogMeIn valued at $4.3bn in acquisition deal". www.intellinews.com. 2019-12-19. Retrieved 2020-08-27.
  16. ^ https://secure.logmein.com/corp/pressrelease.asp?id=49 LogMeIn acquires instant VPN creator Archived October 14, 2007, at the Wayback Machine
  17. ^ "SEC Form 10-K". December 31, 2010.
  18. ^ Mike Butcher (July 20, 2011). "LogMeIn acquires 'Internet of Things' Startup Pachube for $15m In Cash". TechCrunch.
  19. ^ Alspach, Kyle (2014-05-06). "LogMeIn acquires Boston 'Internet of Things' firm for $12 million". BetaBoston. Retrieved 2014-05-06.
  20. ^ "LogMeIn LogMeIn Acquires Bold Software | LogMeIn". Investor.logmein.com. 2012-01-09. Archived from the original on 2013-12-12. Retrieved 2014-02-20.
  21. ^ "LogMeIn Acquires Web Chat Company Bold Software For $16.5 M". TechCrunch. 2012-01-09. Retrieved 2014-02-20.
  22. ^ "FAQ about Changes to LogMeIn Free". January 24, 2014. Archived from the original on 2014-02-03.
  23. ^ Kepes, Ben. "LogMeIn Acquires Meldium--Start Of The Identity Consolidation?". Forbes. Retrieved 13 May 2017.
  24. ^ "Plans to Retire Meldium". Meldium by LogMeIn. Archived from the original on 2018-03-24. Retrieved 2017-08-03.
  25. ^ "LogMeIn Announces Merger with Citrix's GoTo Family of Products to Create Billion Dollar Industry Leader". GlobeNewswire. 26 July 2016. July 26, 2016
  26. ^ Ron Miller (February 15, 2018). "Google to acquire Xively IoT platform from LogMeIn for $50M". TechCrunch.
  27. ^ Gagliordi, Natalie. "LogMeIn buys Jive Communications for $342 million | ZDNet". ZDNet. Retrieved 2018-02-08.
  28. ^ "Francisco Partners and Evergreen Coast Capital Complete Acquisition of LogMeIn" (Press release). NASDAQ. Globe Newswire. August 31, 2020.
  29. ^ "LogMeIn Rebrands as GoTo with a New Application Combining Support and Communications Solutions, New Products, and a New Partner Network". 2 February 2022.
  30. ^ "Company Overview of LogMeIn, Inc". Bloomberg. October 1, 2017.
  31. ^ "Cloud Phone System & Virtual Meeting Platform | GoTo Connect".

External links[edit]