LogMeIn Inc (NASDAQ:LOGM), which happens to be a unified communications provider, has announced its exit from the public market. It made the announcement on Tuesday saying that it was selling rights to some two private equity firms. The two buyers are the Evergreen Coast Capital Corporation and Francisco Partners. They have given out $4.3 billion for this acquisition.
A close outlook
LogMeIn, in its business operations, has managed to make wide-ranging acquisitions. Some of these include join.me, OpenVoice, GoToWebinar, LastPass,and GoToMeeting.
The CEO of LogMeIn Bill Wagner has been one of the most outstanding supporters of the deal. He thinks that Evergreen and the Francisco Partners are great entrepreneurs to take up the business. He says that these two have the dedication it takes to manage the company’s core and growth assets effectively.
The new partnership is going to be a progressive one, according to the leader. He thinks that it will help towards the achievement of long term growth. A lot of effort and resources are going to be channeled into the business operations, and this is a game-changing moment.
LogMeIn has been among the most vibrant enterprise software players. The secret has always been working with the best strategies. It has been making one acquisition after the other, and this is what has pushed its portfolio to where it is currently. In was in 2017 that it struck a deal with Citrix eventually acquiring the GoTo product line. This was in a deal worth $1.8 billion.
LastPass, which happens to be a password management software startup, was bought in 2015. The business guru acquired it at about $110 million. Nanorep, which was an Israeli software firm, was bought later on at about $45 million. The last investment that was made was valued at about $342 million, and this was the purchase of Jive Communications.
A lot has been going on to get more competitive. It was a short while back that the company announced that it was redesigning its GoToMeeting platform. The goal was to enhance the user experience. This platform, according to sources, receives about 25 million users monthly.