As announced on Google’s Cloud blog, LogMeIn has reached a definitive agreement to sell its Xively business to Google, subject to customary closing conditions. Financial details of the deal will be included as part of LogMeIn’s Q4/FY17 earnings call, which takes place today at 5 pm ET, as well as in the company’s annual report on Form 10-K early next week. It’s a move that comes as LogMeIn continues to align and prioritize its investments around its three core markets. It’s also one that will provide LogMeIn – as well as Xively’s customers, employees, partners, and technology – with a great foundation for their next chapter of growth.
Delivering on LogMeIn’s next chapter of growth
LogMeIn is focused on pursuing its three largest opportunities to expand customer value: Customer Engagement, Unified Communications & Collaboration (UCC), and Identity and Access Management (IAM). It is a strategy revealed at our recent investor day in December, and one across which we are already making rapid progress.
Earlier this week, we took the wraps off of our new AI-powered customer engagement portfolio – a product line aimed at helping companies engage with modern consumers through their preferred messaging, social, and digital channels.
Last week, we announced a deal to acquire Jive Communications – a deal that will bring together LogMeIn’s renowned portfolio of collaboration apps like GoToMeeting and join.me with one of the best cloud telephony services on the market.
Meanwhile, LogMeIn’s popular identity app, LastPass, exited 2017 as its fastest-growing product, winning over consumers and businesses alike, as people seek to simplify their digital identity across hundreds of web sites and apps; it is a pace that we expect to continue in the year ahead.
…and a Support of Things future
So the obvious question is, does this mean LogMeIn is exiting the IoT? Well, if you mean the IoT connectivity platform space, yes, we’re leaving it. We believe that Google Cloud, now armed with Xively’s team and great technology – and backed by their platform and developer heritage and reach – are a far better fit for the future of platform leadership. What we will continue to do is invest in our Support-of-Things initiatives for products like LogMeIn Rescue, Bold360, GoToAssist, Central, Rescue Lens and SeeIt – all offerings that will continue to help our customers support new types of connected products, as well as the connected consumers that use them.
To our team and customers, a huge thank you
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. We will continue to cheer you and Google Cloud on as fellow pioneers in the IoT space.