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LogMeIn announces a significant milestone for LastPass, achieving 25.6 million users and supporting 70,000 businesses worldwide. As a leader in password management, LastPass is dedicated to enhancing online security through features like passwordless login and identity solutions. The service is vital for users, especially given the 9.7 billion compromised data records since 2013. LastPass has been recognized with numerous awards, reflecting its impact and innovation in the cybersecurity landscape. For more, visit LastPass.com.
LogMeIn has completed its sale to affiliates of Francisco Partners and Evergreen Coast Capital in a deal valued at approximately $4.3 billion. This transaction, initially announced in December 2019, received stockholder approval in March 2020. As a result, stockholders received $86.05 per share in cash, and LogMeIn's common stock will no longer trade on the Nasdaq exchange. Founded in 2003, LogMeIn is a leading provider of remote work technologies, with over $1.3 billion in annual revenue and approximately 2 million customers globally.
LogMeIn (Nasdaq: LOGM) released a Forrester study indicating a widening gap in customer engagement maturity (CEM) among organizations. The study, which surveyed 463 CX decision-makers, emphasizes the necessity of AI for enhancing CX maturity. It identifies four maturity levels: Experimenters, Evolutionists, Enthusiasts, and Experts. Despite some advancements, most companies are not yet utilizing AI effectively. The report highlights the importance of improving self-service capabilities and executing customer engagement strategies to meet evolving customer expectations.
LogMeIn announced the pricing of $950 million in Senior Secured Notes due 2027, up from a planned $750 million. The offering will fund LogMeIn's acquisition by Francisco Partners and Evergreen Coast Capital and is expected to close by August 31, 2020. The Notes will be offered to institutional buyers under specific regulations and will not be registered under the Securities Act. The acquisition aims to enhance LogMeIn's position in remote work technology, which is critical amid the ongoing work-from-home trend.
LogMeIn announced a private offering of $750 million in Senior Secured Notes due 2027, aimed at funding its acquisition by Francisco Partners and Evergreen Coast Capital Corp. The financing will cover the acquisition costs and associated fees. LogMeIn will assume obligations under the Notes upon deal closure. The offering targets qualified institutional buyers and non-U.S. persons. The Notes are unregistered under the Securities Act and cannot be offered in the U.S. without proper registration.
LogMeIn (NASDAQ: LOGM) reported strong results for Q2 2020, with revenue of $350.7 million, reflecting a 12% increase year-over-year. GAAP net income stood at $19.0 million or $0.39 per diluted share, while non-GAAP net income was $75.9 million or $1.54 per diluted share. Adjusted EBITDA reached $119.3 million, representing a 34% margin. Following recent regulatory approvals, LogMeIn's merger with affiliates of Francisco Partners is expected to close in Q3 2020. Cash flow from operations was robust at $80.7 million, underscoring financial strength amidst ongoing business transitions.
LogMeIn (Nasdaq: LOGM) has introduced seven new hardware bundles for its GoToRoom video conferencing solution, expanding its offerings to ten kits in total. These bundles cater to a variety of settings from home offices to large meeting spaces, supporting the growing demand for flexible work arrangements. With the Room-as-a-Service (RaaS) model, businesses can acquire the technology at a low monthly cost, starting at $99, and own the equipment after the contract. The update also includes over 30 new features aimed at enhancing user experience.
LogMeIn, Inc. (Nasdaq: LOGM) has launched LastPass Enterprise for Managed Service Providers (MSPs) globally. MSPs can now sell, manage, and support LastPass, enhancing security for customers with improved password management and single sign-on solutions. This addition allows MSPs to oversee multiple LastPass accounts efficiently. The LogMeIn Partner Network facilitates collaboration among various channel partners, providing access to a suite of cloud-based services, including LastPass and others. LogMeIn is a leader in remote work technology, generating over $1.2 billion in annual revenue and serving over 2 million customers.
LogMeIn (Nasdaq: LOGM) recently held its first CXNext Catalyst Awards, recognizing individuals and companies for their transformative work in customer experience (CX). The event highlighted winners across three categories: CX Team of the Year, awarded to Planned Parenthood for its innovative chatbot, Roo; Industry Disruptor, won by Christine Kilmer from Fannie Mae for her leadership of Ask Poli; and Outstanding Women in CX, awarded to Dawn Connet and Zhaia Wineinger from the State of Iowa for their AI-driven live chat initiatives. These awards exemplify leaders shaping the future of CX.
LogMeIn (NASDAQ: LOGM) has launched Remote Deployment for GoToMyPC, allowing IT administrators to remotely deploy and configure the software across multiple computers. This initiative supports the growing demand for remote work solutions due to the coronavirus pandemic. Previously, physical presence was required for installation, but now administrators can set up users immediately from anywhere. This service is available in the GoToMyPC Corporate tier for new and existing customers, enhancing productivity for remote workforces.
