18.12.2019, 04:28 a.m.
For private internet users, Logmein is probably best known for its password manager Lastpass. However, the company has a lot more to offer companies and describes itself as one of the top 10 providers in the field of software-as-a-service (SaaS). Several million customers around the world are to use Logmein’s services, according to the self-description published by the company when it was acquired. Investors around the private equity firm Francisco Partners have spent $ 4.3 billion on the acquisition.
Logmein: Supervisory Board recommends acceptance of the purchase offer
This corresponds to an offer of $ 86.05 per share – in cash – for Logmein shareholders. The purchase price offers a 25 percent surcharge over the September 18 share price. After that, speculation about a takeover of Logmein had started – and with it the share price had risen. On Tuesday, after the acquisition was announced, the stock climbed another four percent to $ 85.75. The Logmein Supervisory Board recommended that the shareholders accept the offer. The transaction is expected to close in mid-2020.
Logmein CEO Bill Wagner explained that the new company owners would work for both the core and the growth areas of the Lastpass operator. The acquisition would generate operational benefits that are necessary for sustainable growth in the long term. The aim is to create the best software solutions for modern companies.
Dell Software Group also belongs to new Logmein owners
In addition to Francisco Partners, Evergreen Coast Capital Corporation’s participation in the Logmein acquisition is also worth mentioning. This is the private equity arm of Elliott Management Corporation. Francisco Partners and Elliott Management bought Dell’s software subsidiary, Dell Software Group, in 2016 for over $ 2 billion. In total, Francisco Partners has raised $ 14 billion in capital for investment since it was founded 20 years ago. The portfolio of investors is said to include over 275 technology companies, including Tile . Most recently, the company sold Clicksoftware to Salesforce for $ 1.4 billion.