LogMeIn acquires Bold Software in $16.5M cash deal
LogMeIn (Nasdaq: LOGM) has purchased Bold Software, a provider of web chat and customer communications software, in what the company said is part of a larger strategy to expand LogMeIn's portfolio of call centers, external help desks and customer service teams.
The move strengthens LogMeIn's customer care product portfolio by adding a well-known and respected provider of live chat and click-to-call services used by thousands of retail, financial services, manufacturing, software and telecommunications organizations.
Under the terms of the deal, LogMeIn acquired substantially all of the net assets of Bold Software for total consideration of approximately $16.5 million in cash. LogMeIn expects the acquisition to be accreted to its non-GAAP operating results within twelve months.
The move, said CEO Michael Simon, reflects a change in the customer care environment from self-help and deflection to one of more customer engagement.
"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," he said.
LogMeIn plans to continue to offer BoldChat as a standalone offering while integrating the BoldChat service with its other product lines.
LogMeIn's customer care services are used by 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.
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