๐ LogMeIn Acquired By Private-Equity Firms
๐ก Newskategorie: IT Security Nachrichten
๐ Quelle: tech.slashdot.org
An anonymous reader quotes a report from TechCrunch: LogMeIn announced this morning that it has agreed to be sold for $4.3 billion to affiliates of Francisco Partners and Evergreen Coast Capital Corporation, the private equity affiliate of Elliott Management Corporation. The purchase price comes out to $86.05 per share in an all-cash deal. The company had a 52-week high of $96.87 per share and a low of $62.02. The purchase price represents a 25% premium on the closing share price on September 18th, which the company reports was the day media reports began to leak that the company was up for sale. Bill Wagner, president and CEO at LogMeIn said in a statement that the price reflects the high value of the company and will give stockholders a meaningful return. As you would expect, he was also was optimistic that the partnership with Francisco and Evergreen will help the company going forward. As for the private equity firms, they are getting a broad portfolio of products including unified communications and collaboration (UCC). LogMeIn bought Jive Communications for $357 million in 2018 to give it deeper penetration in the unified communications market. It's most well known product is probably GoToMeeting, which has had to compete with the likes of Zoom, WebEx, BlueJean, Google Hangouts and others in a crowded video conferencing space. The company bought GoToMeeting from Citrix in 2016 for $1.8 billion Unless it can find a buyer who will offer a higher price, the deal is expected to close in mid 2020 after standard regulatory scrutiny.
Read more of this story at Slashdot.
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