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February 9, 2012

LogMeIn completes Bold Software acquisition

Remote access firm pushes into the customer care space with web chat software buy

By CBR Staff Writer

Remote access vendor LogMeIn has completed the $16.5m acquisition of Bold Software, strengthening its push into the customer care space.

Bold Software provides web chat and customer communications services. Its flagship product line is BoldChat, a live chat and click-to-call customer service platform that is used across the retail, financial services, manufacturing, software and telecommunications markets.

LogMeIn will continue to operate BoldChat as a separate entity but it will also integrate some services into its product line to improve its cloud-based customer care services, the company said. In particular it will fit in with LogMeIn’s customer care services, which can remotely diagnose and resolve technical issues.

"We’re seeing a shift in the way companies are approaching customer care, as well as the ways they are gauging its impact and effectiveness," said Michael Simon, CEO of LogMeIn. "Where just a few years ago, self-help and deflection may have been the predominant approach, companies are now seeking opportunities for meaningful engagement with their customers and prospects."

"We believe this acquisition significantly expands the unique services we can offer to help facilitate customer engagement, while broadening the value to a wider group of customer service staff," he added.

Steve Castro-Miller, president and CEO of Bold Software said the two companies are a natural fit. "LogMeIn and Bold Software have a shared vision when it comes to customer care – we believe it’s a great match for our loyal customers and our business," he said.

"By combining forces, we believe we have an opportunity to deliver a suite of services beyond anything available today. We look forward to joining the LogMeIn team to build the comprehensive customer engagement foundation required by today’s most demanding customer service and eCommerce organisations," Castro-Miller said.

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LogMeIn said the deal is worth $16.5m in cash, a portion of which is contingent retention-based bonuses. The acquisition is expected to be accretive to its non-GAAP operating results within twelve months.

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