Company has been pushing into IDaaS space…
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”).
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.”
“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.