The cuts represent roughly 8 percent of LogMeIn's workforce, based on the headcount of 3,974 full-time employees as of December 2019, MassLive reports.
The cuts come amid LogMeIn's shift to private equity ownership. Francisco Partners and Evergreen Coast Capital in December 2019 announced plans to buy the remote access and control software company for $4.3 billion. A "go shop" period expired in early February 2020 with no additional bids, paving the way for the LogMeIn business sale to move forward.
Francisco Partners has considerable experience in the IT management, secure access, communications and cybersecurity software markets. The private equity firm’s current investments include BeyondTrust; Quest Software and that business’s One Identity unit; SonicWall and WatchGuard.
LogMeIn Business Evolution: Hits and Misses
LogMeIn remains a well-known brand across multiple IT software markets, but the company has stumbled multiple times in recent years.
Among the missteps: Execution issues allowed rivals to take market share after LogMeIn's merger with Citrix's GoTo business. Plus, price hikes occasionally surprised and alienated some customers and partners.
Despite some of the business challenges, the overall LogMeIn business remains healthy. Revenue was $322.7 million in Q4 2019, up from $310.1 million in Q4 2018. The overall results generally beat Wall Street's expectations.