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December 17, 2019

Private Equity Funds Swoop on LogMeIn in $4.3 Billion Cash Deal

Company has been pushing into IDaaS space...

By CBR Staff Writer

LogMeIn, a NASDAQ-listed remote access software specialist, has agreed to a $4.3 billion private equity buyout, a decade after first going public.

The Boston-based company names Vodafone, the London School of Economics, Nissan and Zero Motorcycles among its existing customer base.

The company offers a range of SaaS-based tools under including video conferencing (“GoToMeeting”) and identity and access management (“Lastpass”).

Francisco Partners and activist hedge fund Elliott Management‘s private equity arm will pay LogMeIn shareholders $86.05/share in cash.

That’s a 25 percent premium on its closing  to its closing price on Sept. 18, the last trading day before a media report on the sale.

“LogMeIn has a compelling product portfolio and leadership in the Unified Communications and Collaboration, Identity, and Digital Engagement markets,” said Andrew Kowal, a senior partner at Francisco Partners.

“We look forward to working with Bill and the leadership team at LogMeIn to accelerate growth and product investment organically and inorganically.”

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“We have deep appreciation for the LogMeIn franchise and leadership team from our long-term involvement in the business,” added Elliott Partner Jesse Cohn and Portfolio Manager Jason Genrich in a company note shared Tuesday.

The transaction is expected to close in mid-2020.

LogMeIn’s 2018 annual report shows that LastPass was its fastest growing product inits portfolio and the company said it was keen to push from remote access tools to a more comprehensive Identity-as-a-Service (IDaaS) offering.

Read this: UK’s Sophos Accepts £3.1 Billion Cash Offer

 

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