Company:GoTo (US company)

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Short description: Software company
GoTo
Formerly
  • 3am Labs (2003–2006)
  • LogMeIn Inc. (2006–2022)
TypePrivate
IndustryComputer software
Founded2003; 21 years ago (2003) in Budapest, Hungary
Headquarters
Boston, Massachusetts
,
U.S.
Key people
  • Paddy Srinivasan (President & CEO)
  • Rich Veldran (CFO)
  • Olga Lagunova (CTO)
ProductsCloud-based SaaS
RevenueUS$1.262 billion (2019)[1]
OwnerFrancisco Partners (2020–present)
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. The company was founded in 2003, and is based in Boston, Massachusetts .[4] On February 2, 2022 the company was rebranded from LogMeIn to GoTo.[5]

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 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.[7] The deal closed on August 31, 2020.[8]

History

Former logo before the rebranding

LogMeIn was founded in 2003 in Budapest as 3am Labs, and changed its name in 2006.[9]

In 2006, 3am Labs acquired the Hamachi VPN product.[10]

LogMeIn, Inc., completed an initial public offering in 2009. Trading of LogMeIn, Inc., shares on the NASDAQ Global Market commenced on July 1, 2009.[11]

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.[12] In May 2014, it added to this initiative by acquiring Ionia Corp., which specializes in integrating connected objects.[13]

LogMeIn, Inc., acquired Bold Software, LLC, in 2012.[14][15]

The company abruptly discontinued LogMeIn Free on January 21, 2014, giving users only a seven-day grace period to migrate to LogMeIn Pro.[16]

LogMeIn acquired Meldium for $15M in September 2014[17] and retired the Meldium product offering in July 2017.[18]

On October 9, 2015, LogMeIn acquired LastPass for US$110 million.[19][20][21][22] On December 14, 2021, the company announced that LastPass would spin off into its own cloud-based security company.[23]

In July 2016, LogMeIn announced in a merger with Citrix's GoTo products using a Reverse Morris Trust.[24]

In February 2017, LogMeIn completed a merger with GetGo, the corporate spin-off of the GoTo product line from Citrix Systems.[25]

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

On August 31, 2020, Elliott Management Corporation, by its affiliate Evergreen Coast Capital, and Francisco Partners completed their 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

The company's products are focused on three business areas, including Unified Communications and Collaboration services, Identity and Access Management services, and Customer engagement and support services.[30] 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. ↑ "Announcing GoTo". https://www.goto.com/blog/announcing-goto. 
  4. ↑ "Business Summary". https://finance.yahoo.com/q/pr?s=LOGM+Profile. 
  5. ↑ "Announcing GoTo". https://www.goto.com/blog/announcing-goto. 
  6. ↑ "Announcing GoTo" (in en). https://www.goto.com/blog/posts/news/announcing-goto. 
  7. ↑ Miller, Ron (17 December 2019). "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/. 
  8. ↑ Inc, LogMeIn (2020-08-31). "Francisco Partners and Evergreen Coast Capital Complete Acquisition of LogMeIn". GlobeNewswire News Room (Press release). Retrieved 2020-10-06.
  9. ↑ "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/. 
  10. ↑ https://secure.logmein.com/corp/pressrelease.asp?id=49 LogMeIn acquires instant VPN creator
  11. ↑ "SEC Form 10-K". December 31, 2010. http://secfilings.nasdaq.com/edgar_conv_html%2f2011%2f02%2f28%2f0000950123-11-019803.html#FIS_BUSINESS. 
  12. ↑ 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/. 
  13. ↑ 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/. 
  14. ↑ "LogMeIn LogMeIn Acquires Bold Software | LogMeIn". Investor.logmein.com. 2012-01-09. https://investor.logmein.com/releasedetail.cfm?ReleaseID=637782. 
  15. ↑ "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/. 
  16. ↑ "FAQ about Changes to LogMeIn Free". January 24, 2014. http://help.logmein.com/SelfServiceKnowledgeRenderer?type=FAQ&id=kA0a0000000shH8CAI. 
  17. ↑ 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/. 
  18. ↑ "Plans to Retire Meldium" (in en-US). Meldium by LogMeIn. http://blog.meldium.com/home/2017/4/12/plans-to-retire-meldium. 
  19. ↑ 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/. 
  20. ↑ 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/. 
  21. ↑ "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. 
  22. ↑ "LastPass Joins the LogMeIn Family". LastPass. October 9, 2015. https://blog.lastpass.com/2015/10/lastpass-joins-logmein.html/. 
  23. ↑ "LogMeIn Set to Establish LastPass as an Independent Cloud Security Company Amid Strong Market Demand" (in en). https://www.logmein.com/newsroom/press-release/2021/logmein-set-to-establish-lastpass-as-an-independent-cloud-security-company-amid-strong-market-demand. 
  24. ↑ "LogMeIn Announces Merger with Citrix's GoTo Family of Products to Create Billion Dollar Industry Leader" (Press release). GlobeNewswire. 26 July 2016. July 26, 2016
  25. ↑ "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. 
  26. ↑ 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/. 
  27. ↑ Gagliordi, Natalie. "LogMeIn buys Jive Communications for $342 million" (in en). ZDNet. http://www.zdnet.com/article/logmein-buys-jive-communications-for-342-million/. 
  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" (Press release). 2 February 2022.
  30. ↑ "Company Overview of LogMeIn, Inc.". Bloomberg. October 1, 2017. https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=11461566. 
  31. ↑ "Cloud Phone System & Virtual Meeting Platform | GoTo Connect". https://www.goto.com/connect. 

External links



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