LogMeIn is a publicly traded company and the acquisition will take the company private. The transaction is expected to close in mid-2020, subject to customary closing conditions, including the receipt of stockholder and regulatory approvals.
“First and foremost, this announcement will have no immediate impact on our relationship with you,” he said. “In addition, we believe that our future partnership with experienced, growth-oriented investors will position us to help our customers and partners better address the essential needs of the modern workforce, while unlocking our team’s ability to take a customer-centric and long-term view of our investments and our business.”
Until the transaction closes, LogMeIn remains an independent, publicly traded company, Wagner said.
“During this time, we will continue to deliver the same high level of engagement, support, innovation and reliability that you’ve come to expect,” he said.
The company does have a 45-day go-shop provision, allowing it to try to find a buyer that will offer a better price than this one.
LogMeIn has a “compelling product portfolio and leadership” in the UCC, identity and digital engagement markets,” said Andrew Kowal, senior partner at Francisco Partners.
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“We look forward to working with Bill and the leadership team at LogMeIn to accelerate growth and product investment organically and inorganically,” he said.
Evergreen Coast is the private affiliate of Elliott Management.
“We have deep appreciation for the LogMeIn franchise and leadership team from our long-term involvement in the business,” said Jesse Cohn, Elliott partner. “We look forward to partnering with Bill and the entire executive leadership team alongside Francisco Partners on the next phase of growth and value creation for LogMeIn as a private company.”