Company:LogMeIn

From HandWiki
Short description: Software company
LogMeIn, Inc.
TypePrivate
IndustryComputer software
Founded2003; 21 years ago (2003) in Budapest, Hungary
Headquarters
Boston, Massachusetts
,
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 Elliott 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]

History

LogMeIn was founded in 2003 in Budapest as 3am Labs, and changed its name in 2006.[12]

3am Labs acquired the Hamachi VPN product.[13]

Tridia sued LogMeIn, Inc., for patent infringement in January 2008.[14][15]

LogMeIn, Inc., completed an IPO in 2009. Trading of LogMeIn, Inc., shares on the NASDAQ Global Market commenced on July 1, 2009.[16]

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

LogMeIn, Inc., acquired Bold Software, LLC in 2012.[19][20]

LogMeIn Free was abruptly discontinued on January 21, 2014, only giving users a seven day grace period to migrate to LogMeIn Pro.[21] LogMeIn acquired Meldium for $15 Million in September 2014[22] and retired the Meldium product offering in July 2017.[23]

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.[24] 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.[25]

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.[26][27] Nanorep makes customer service software that uses artificial intelligence and chatbots to make more intuitive and engaging customer service.[28]

In February 2018, the company announced the sale of Xively to Google for $50 million.[29] Also in February 2018, the company announced the acquisition of Jive Communications for $342 million.[30]

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.[31]

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.[32] The products include:

See also

References

  1. ↑ "LogMeIn Announces Fourth Quarter and Fiscal Year 2019 Results". LogMeIn. https://investor.logmeininc.com/about-us/investors/news/press-release-details/2020/LogMeIn-Announces-Fourth-Quarter-and-Fiscal-Year-2019-Results/. 
  2. ↑ "LogMeIn Fourth Quarter 2019 Supplemental Data Sheet". LogMeIn. December 31, 2019. https://s2.q4cdn.com/247461878/files/doc_financials/2019/q4/LOGM-Q4-19-Supplemental-Data-Sheet_FINAL-(1).pdf. 
  3. ↑ "Business Summary". https://finance.yahoo.com/q/pr?s=LOGM+Profile. 
  4. ↑ 4.0 4.1 Brodkin, Jon (9 October 2015). "LogMeIn buys LastPass password manager for $110 million". Condé Nast. https://arstechnica.com/information-technology/2015/10/logmein-buys-lastpass-password-manager-for-110-million/. 
  5. ↑ 5.0 5.1 Perez, Sarah (9 October 2015). "LogMeIn Acquires Password Management Software LastPass For $110 Million". Oath Tech Network. https://techcrunch.com/2015/10/09/logmein-acquires-password-management-software-lastpass-for-110-million/. 
  6. ↑ 6.0 6.1 6.2 "LogMeIn to Acquire Password Management Leader LastPass". LogMeIn, Inc.. October 9, 2015. https://investor.logmeininc.com/about-us/investors/news/press-release-details/2015/LogMeIn-to-Acquire-Password-Management-Leader-LastPass/default.aspx. 
  7. ↑ 7.0 7.1 "LastPass Joins the LogMeIn Family". LastPass. October 9, 2015. https://blog.lastpass.com/2015/10/lastpass-joins-logmein.html/. 
  8. ↑ 8.0 8.1 "BRIEF-Citrix completes spin-off and merger of Goto family of service offerings with Logmein". Reuters. 2017-02-01. https://www.reuters.com/article/idUSASB0AXVV. 
  9. ↑ Miller, Ron. "LogMeIn agrees to be acquired by Francisco Partners and Evergreen for $4.3B". Techcrunch. https://techcrunch.com/2019/12/17/logmein-agrees-to-be-acquired-by-francisco-partners-and-evergreen-for-4-3b/. 
  10. ↑ Inc, LogMeIn (2020-08-31). "Francisco Partners and Evergreen Coast Capital Complete Acquisition of LogMeIn". http://www.globenewswire.com/news-release/2020/08/31/2086214/0/en/Francisco-Partners-and-Evergreen-Coast-Capital-Complete-Acquisition-of-LogMeIn.html. 
  11. ↑ "LogMeIn Inc". Financial Times. September 22, 2017. https://markets.ft.com/data/equities/tearsheet/forecasts?s=LOGM:NSQ. 
  12. ↑ "Budapest-founded startup LogMeIn valued at $4.3bn in acquisition deal". 2019-12-19. http://www.intellinews.com/budapest-founded-startup-logmein-valued-at-4-3bn-in-acquisition-deal-173726/. 
  13. ↑ https://secure.logmein.com/corp/pressrelease.asp?id=49 LogMeIn acquires instant VPN creator
  14. ↑ "LOGMEIN, INC, Form S-1/A, Securities Registration Statement (S-1/A) regarding patent case, Filing Date Mar 7, 2008". secdatabase.com. http://edgar.secdatabase.com/1566/95013508001656/filing-main.htm. 
  15. ↑ "Tridia patent complaint and demand for jury trial". http://coby.nixon.googlepages.com/TridiaComplaint.pdf. 
  16. ↑ "SEC Form 10-K". December 31, 2010. http://secfilings.nasdaq.com/edgar_conv_html%2f2011%2f02%2f28%2f0000950123-11-019803.html#FIS_BUSINESS. 
  17. ↑ Mike Butcher (July 20, 2011). "LogMeIn acquires 'Internet of Things' Startup Pachube for $15m In Cash". TechCrunch. https://techcrunch.com/2011/07/20/logmein-acquires-internet-of-things-startup-pachube-for-15m-in-cash/. 
  18. ↑ Alspach, Kyle (2014-05-06). "LogMeIn acquires Boston 'Internet of Things' firm for $12 million". BetaBoston. http://betaboston.com/news/2014/05/06/logmein-acquires-boston-internet-of-things-firm-for-12-million/. 
  19. ↑ "LogMeIn LogMeIn Acquires Bold Software | LogMeIn". Investor.logmein.com. 2012-01-09. https://investor.logmein.com/releasedetail.cfm?ReleaseID=637782. 
  20. ↑ "LogMeIn Acquires Web Chat Company Bold Software For $16.5 M". TechCrunch. 2012-01-09. https://techcrunch.com/2012/01/09/logmein-acquires-web-chat-company-bold-software-for-16-5-m/. 
  21. ↑ "FAQ about Changes to LogMeIn Free". January 24, 2014. http://help.logmein.com/SelfServiceKnowledgeRenderer?type=FAQ&id=kA0a0000000shH8CAI. 
  22. ↑ Kepes, Ben. "LogMeIn Acquires Meldium--Start Of The Identity Consolidation?". https://www.forbes.com/sites/benkepes/2014/09/04/logmein-acquires-meldium-start-of-the-identity-consolidation/. 
  23. ↑ "Plans to Retire Meldium" (in en-US). Meldium by LogMeIn. http://blog.meldium.com/home/2017/4/12/plans-to-retire-meldium. 
  24. ↑ "LogMeIn's Rescue Lens Lets Customer Support Reps See the Problem Through Your Smartphone's Camera". https://techcrunch.com/2015/03/24/logmeins-rescue-lens-lets-customer-support-reps-see-the-problem-through-your-smartphones-camera/. 
  25. ↑ "LogMeIn Announces Merger with Citrix's GoTo Family of Products to Create Billion Dollar Industry Leader". GlobeNewswire. 26 July 2016. https://globenewswire.com/news-release/2016/07/26/859040/0/en/LogMeIn-Announces-Merger-with-Citrix-s-GoTo-Family-of-Products-to-Create-Billion-Dollar-Industry-Leader.html/.  July 26, 2016
  26. ↑ Lunden, Ingrid. "LogMeIn acquires chatbot and AI startup Nanorep for up to $50M" (in en). TechCrunch. https://techcrunch.com/2017/08/01/logmein-acquires-chatbot-and-ai-startup-nanorep-for-up-to-50m/. 
  27. ↑ "LogMeIn Acquires Nanorep, a Chatbot and AI Tool, at Approximately $45 million". https://www.martechadvisor.com/news/events-webinars/logmein-acquires-nanorep-a-chatbot-and-ai-tools-vendor/. 
  28. ↑ Harris, David L. (2017-08-01). "LogMeIn buys Israeli AI startup for $45M". Boston Business Journal. https://www.bizjournals.com/boston/news/2017/08/01/logmein-buys-israeli-ai-startup-for-45-million.html. 
  29. ↑ Ron Miller (February 15, 2018). "Google to acquire Xively IoT platform from LogMeIn for $50M". TechCrunch. https://techcrunch.com/2018/02/15/google-to-acquire-xively-iot-platform-from-logmein/. 
  30. ↑ Gagliordi, Natalie. "LogMeIn buys Jive Communications for $342 million | ZDNet" (in en). ZDNet. http://www.zdnet.com/article/logmein-buys-jive-communications-for-342-million/. 
  31. ↑ "Francisco Partners and Evergreen Coast Capital Complete Acquisition of LogMeIn" (Press release). NASDAQ. Globe Newswire. August 31, 2020.
  32. ↑ "Company Overview of LogMeIn, Inc.". Bloomberg. October 1, 2017. https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=11461566. 
  33. ↑ "LogMeIn Makes Digital Customer Service Smarter; Takes Aim at CRM Market with Introduction of Bold360". GlobeNewswire. June 8, 2017. https://globenewswire.com/news-release/2017/06/08/1010393/0/en/LogMeIn-Makes-Digital-Customer-Service-Smarter-Takes-Aim-at-CRM-Market-with-Introduction-of-Bold360.html. 

External links




Retrieved from "https://handwiki.org/wiki/index.php?title=Company:LogMeIn&oldid=3481703"