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LogMeIn Acquires Bold Software
Bolsters Customer Care Product Portfolio With Live Chat and Click-to-Call Services
WOBURN, Mass., Jan. 9, 2012 (GLOBE NEWSWIRE) -- LogMeIn, Inc. (Nasdaq:LOGM) today announced that it has completed the acquisition of the assets of Bold Software, LLC, a leading provider of web chat and customer communications software. The move is part of a larger strategy to expand LogMeIn's portfolio of web-based services aimed at customer care organizations – call centers, external help desks, and customer service teams.
Bold Software's BoldChat product line is a premier live chat and click-to-call customer service solution used by thousands of retail, financial services, manufacturing, software, and telecommunications organizations. LogMeIn's customer care services are used by tens of thousands of helpdesks and call centers – 50 of the world's top mobile operators, support organizations like Best Buy's Geek Squad, and OEMs like Sling Media– to remotely diagnose and resolve technical issues.
"We're seeing a shift in the way companies are approaching customer care, as well as the ways they are gauging its impact and effectiveness. Where just a few years ago, self-help and deflection may have been the predominant approach, companies are now seeking opportunities for meaningful engagement with their customers and prospects," said Michael Simon, CEO of LogMeIn. "We believe this acquisition significantly expands the unique services we can offer to help facilitate customer engagement, while broadening the value to a wider group of customer service staff."
LogMeIn plans to continue to offer BoldChat as a standalone offering while integrating the BoldChat service with its other product lines to deliver a comprehensive suite of essential cloud-based customer care services. This is expected to include its flagship remote support offering, LogMeIn Rescue.
"LogMeIn and Bold Software have a shared vision when it comes to customer care – we believe it's a great match for our loyal customers and our business. By combining forces, we believe we have an opportunity to deliver a suite of services beyond anything available today," said Steve Castro-Miller, president and CEO of Bold Software. "We look forward to joining the LogMeIn team to build the comprehensive customer engagement foundation required by today's most demanding customer service and eCommerce organizations."
"Quality customer service is a hallmark of our business, and we've long invested in capabilities that can deliver a great online experience, from answering pre-sale questions to providing post-sale support," said Jon Abt, CEO of Abt Electronics, the Chicago-based online retailer and a joint LogMeIn, Bold Software customer. "We view this as a natural extension of LogMeIn's and Bold Software's customer service solutions. It's a promising move by two teams with a great understanding of today's Web-centric customer care."
Terms and Financial Impact
Under the terms of the transaction, LogMeIn acquired substantially all of the net assets of Bold Software for total consideration of approximately $16.5 million in cash, a portion of which is contingent retention-based bonuses and is expected to be paid over time. LogMeIn expects the acquisition to be accretive to its non-GAAP operating results within twelve months and will provide more details regarding the financial terms of the transaction during its fourth quarter 2011 financial results conference call.
About LogMeIn, Inc.
LogMeIn (Nasdaq:LOGM) provides cloud-based remote access, support and collaboration solutions to quickly, simply and securely connect millions of internet-enabled devices across the globe — computers, smartphones, iPad™ and Android™ tablets, and digital displays. Designed for consumers, mobile professionals and IT organizations, LogMeIn's solutions empower more than 13 million users to connect over 100 million devices. LogMeIn is based in Woburn, Massachusetts, USA, with offices in Australia, Hungary, India, Japan, the Netherlands, and the UK.
About Bold Software:
Bold Software LLC is a leading provider of world-class web communication tools designed to help businesses improve online support and increase sales. The company is headquartered in Wichita, KS, with thousands of customers around the world.
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