LogMeIn Acquires AI & Chatbot Vendor Nanorep
Today, we’re pleased to announce that LogMeIn has agreed to acquire Nanorep, an innovative digital self-service, chatbot and virtual assistant company. Nanorep harnesses artificial intelligence and patented natural language processing technologies to create solutions that make self-service more engaging and intuitive. Following LogMeIn’s recent release of its new intelligent customer engagement platform, Bold360, the Nanorep acquisition represents another step forward in LogMeIn’s mission to empower companies to deliver more human, personalized and intelligent customer experience.
Working with many of the world’s top brands, including Intuit, FedEx, Toys “R” Us and Vodafone, Nanorep has pioneered the use of AI in large scale customer engagement and has helped to refine the humanizing of virtually assisted interactions.
While chatbots, virtual agents and artificial intelligence have seen a rapid rise across personal and business use cases, their use and adoption in customer service has been profound. A recent study from Gartner suggests that the percentage of customer service experiences that will be handled by conversational agents is expected to increase over the next 5 years, from 3 percent in 2017 to 30 percent by 2022. Another report from Oracle found that 78 percent of brands say they have already implemented or are planning to implement artificial intelligence and virtual reality by 2020 to better serve customers.
“Artificial intelligence is changing the way we interact with our favorite brands and will play a foundational role in the future of customer engagement,” said Bill Wagner, CEO, LogMeIn. “With Nanorep, we gain proven technology and AI expertise that will help expand our Bold360 offering, accelerate our customer engagement vision, and provide a natural path for us to leverage these emerging technologies across our entire portfolio in the long-term. We believe in the ability of technology to unlock the potential of the modern workforce and with the addition of Nanorep we are going to be able to deliver the solutions that will help our customers achieve the next generation of humanized and personalized customer service.”
The technology from Nanorep is designed to provide consumers with access to quick resolutions in an intelligent, effortless and more human way. Nanorep will complement LogMeIn’s recently launched Bold360 platform, which aims to make digital customer service smarter, both as a standalone offering and by adding digital self-service capabilities to the Bold360 product portfolio. The addition of Nanorep is also expected to play a key role in helping to expand LogMeIn’s position in the customer engagement market.
“LogMeIn and Nanorep share a common vision for the future of customer engagement, and that is one predicated on providing personalized, human experiences that can simultaneously boost customer satisfaction while reducing costs,” said Eli Campo, CEO of Nanorep. “This is not only a natural fit, but an immediate win for our respective customers. By adding our expertise in artificial intelligence to the already strong customer engagement and support proficiency of LogMeIn, we believe that we will be able to create the tools and solutions that customer support teams will want to have in their arsenal now and in the future.”
Under the terms of the transaction, LogMeIn acquired all of the outstanding equity interests in Nanorep for a purchase price of approximately $45 million. LogMeIn is also expected to pay up to $5 million in contingent cash payments to certain continuing employees of Nanorep upon their achievement of milestone and retention targets over the two-year period following the closing of the transaction.