LogMeIn, which provides IT support services and secure connections to PCs and other computers from remote locations, has registered for an initial public offering worth up to $86.25 million, according to SEC documents. The Woburn, MA-based firm intends to trade on the NASDAQ exchange under the ticker symbol LOGM.
Founded in 2004 as 3am Labs (the change to LogMeIn came in early 2006), LogMeIn’s main service is to allow customers to securely access their work computers from any location with an Internet connection. Clients include small and medium-sized businesses, consumers, and IT service providers. According to its SEC filing, LogMeIn’s customer base has nearly doubled in roughly the last year, going from 48,000 in November 2006 to 92,000 last November. During the nine months that ended last September 30, the firm reports generating $18.4 million in revenues against a net loss of $6.6 million, versus $7.3 million in revenues and a loss of $4.7 million over the same period a year earlier. The firm has never been profitable.
The venture-backed company has raised more than $18 million since its inception. Investors include Prism VentureWorks (which owns approximately 24 percent of LogMeIn shares), Polaris Venture Partners (21 percent), 3TS Capital Partners (16 percent), Integral Capital Partners (9 percent) and Intel Capital (5.5 percent).
Author: Robert Buderi
Bob is Xconomy's founder and chairman. He is one of the country's foremost journalists covering business and technology. As a noted author and magazine editor, he is a sought-after commentator on innovation and global competitiveness. Before taking his most recent position as a research fellow in MIT's Center for International Studies, Bob served as Editor in Chief of MIT's Technology Review, then a 10-times-a-year publication with a circulation of 315,000. Bob led the magazine to numerous editorial and design awards and oversaw its expansion into three foreign editions, electronic newsletters, and highly successful conferences. As BusinessWeek's technology editor, he shared in the 1992 National Magazine Award for The Quality Imperative.
Bob is the author of four books about technology and innovation. Naval Innovation for the 21st Century (2013) is a post-Cold War account of the Office of Naval Research. Guanxi (2006) focuses on Microsoft's Beijing research lab as a metaphor for global competitiveness. Engines of Tomorrow (2000) describes the evolution of corporate research. The Invention That Changed the World (1996) covered a secret lab at MIT during WWII. Bob served on the Council on Competitiveness-sponsored National Innovation Initiative and is an advisor to the Draper Prize Nominating Committee. He has been a regular guest of CNBC's Strategy Session and has spoken about innovation at many venues, including the Business Council, Amazon, eBay, Google, IBM, and Microsoft.
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