LogMeIn division to be acquired by Google in the hope of benefiting both businesses aims.
Google has announced it will acquire Internet of Things (IoT) platform Xively, in a bid to better its Cloud platform capabilities.
The acquisition of Xively, a division of LogMeIn, is estimated to be worth $50m. In a blog post Google has said the acquisition aims to boost its position in the growing IoT market, by adding Xively’s IoT platform to its Cloud computing.
“This acquisition, subject to closing conditions, will complement Google Cloud’s effort to provide a fully managed IoT service that easily and securely connects, manages, and ingests data from globally dispersed devices,” Google said. “With the addition of Xively’s robust, enterprise-ready IoT platform, we can accelerate our customers’ timeline from IoT vision to product, as they look to build their connected business.”
Through the acquisition, Google’s Cloud IoT will gain a significant amount of capabilities as well as engineering expertise. These include Xively’s advanced management, messaging and dashboard capabilities.
As well as expanding its market presence, Google has said the acquisition will benefit its customers profoundly. “Our customers will benefit from Xively’s extensive feature set and flexible device management platform, paired with the security and scale of Google Cloud. With Google Cloud’s deep leadership in data analytics and machine learning, our customers will also be uniquely positioned to build turnkey IoT solutions and focus on business value creation,” said the Silicon Valley Company.
The other side of the acquisition, LogMeIn, has said that Google acquiring Xively aims to help them exit the IoT space. Additionally, it will help LogMeIn achieve its aim to “align and prioritise its investments around three core markets”, in which IoT is not one.
Bill Wagner, President and CEO of LogMeIn, said: “It was a difficult decision to part with extremely talented employees, great customers, and an innovative future-leaning product platform; however, the deal with Google Cloud is recognition of LogMeIn’s culture of excellence that continues to attract the best and brightest innovators – both very worthy of the renowned Google Cloud and LogMeIn monikers. We are very happy for our team and our customers, and we want to extend our deepest appreciation for helping us define the next wave of connectivity. ”
LogMeIn just recently acquired Jive Communications, in a bid to bring together LogMeIn’s portfolio of applications with the cloud communications company.
Neither company has said when the acquisition is expected to be closed, but the deal will hugely benefit both parties and their customers.