Gotomypc vs logmein 2015
Wagner is now looking towards artificial intelligence, launching its first AI-powered product – a digital customer-engagement platform called Bold360ai that Wagner called “one of LogMeIn’s great successes of 2018”.ĪI also forms the basis of tools providing features such as automatic transcription and summarisation of online meetings, which will help it continue its expansion and further diversify its revenue base.
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Yet propelling LogMeIn’s vision forward drove it to repeatedly raise prices for some of its products – and eliminating free products – prompting a wave of customer complaints and defections.
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With over 2,700 employees and revenues of $1.77b ($US1.21b) in its last full financial year, LogMeIn – which opened its APAC headquarters in Sydney’s Martin Place last year – has a full and broad portfolio of variously integrated products. In 2018, LogMeIn also acquired telephony provider Jive Communications in a deal that, Wagner said, would “complete our UCC vision”. Two years later, the company merged with GetGo, the Citrix Systems spinoff whose portfolio includes online-collaboration tools like GoToMeeting, GoToMyPC, GoToWebinar, and more. In 2015, LogMeIn acquired password-management stalwart LastPass for $162m ($US110m), giving it a strong position in the market for tools to help businesses reduce their exposure to security breaches due to weak or reused passwords. The acquisition marks a pivot point for LogMeIn, which has acquired numerous companies in recent years to expand its core business – which began as a remote-access product in 2003. Jesse Cohn, a partner with Elliott Management Corporation, said the deal, which is set to close by the middle of next year, would herald “the next phase of growth and value creation for LogMeIn”. Investors were lured by the firm’s “compelling product portfolio and leadership” in core markets including unified communications and collaboration (UCC), identity, and digital engagement, Francisco Partners senior partner Andrew Kowal said. The takeover bid was lodged by a consortium of private investors Francisco Partners and Evergreen Coast Capital Corporation, an affiliate of Elliott Management Corporation. The deal, president and CEO Bill Wagner said, will position the company for “sustained growth over the long term” and “acknowledges the significant value of LogMeIn and provides our stockholders with a meaningful and certain cash offer at a compelling premium.” LogMeIn has 45 days to canvass potential alternatives after conditionally accepting the offer of $126 ($US86.37) per share – a 25 per cent premium on the share price after rumours of the sale emerged on 18 September. Online-collaboration and identity-management vendor LogMeIn will double down on its market position after the Boston-based company agreed to go private through a $6.3b ($US4.3b) acquisition by private-equity firms.