LogMeIn: No Additional Bidders Emerge, Private Equity Buyout Moves Forward
LogMeIn’s sale to private equity firms Francisco Partners and Evergreen Coast Capital is moving to its next stage now that a so-called “go shop” period has expired.
LogMeIn announced a $4.3 billion company sale to those private equity firms in December 2019. The agreement included a 45-day go-shop period — which allowed LogMeIn to solicit alternative bids for the business.
LogmeIn then signed non-disclosure agreements with three potential suitors, but none of those companies made formal acquisition proposals for the business, the software firm says.
LogMeIn develops remote access and IT management software, along with chatbot, password management, and collaboration software. The company acquired GoTo products from Citrix in July 2016.
LogMeIn remains deeply entrenched in the IT channel and in corporate environments, but the company alienated some partners and MSPs with a substantial price hike in 2016.
The company sale to Francisco Partners and Evergreen is expected to close in mid-2020, the businesses say.