World+dog hunts for new password manager
By John Oates 18 Dec 2019
Remote access, collaboration and password manager provider LogMeIn has been sold to a private equity outfit for $4.3bn.
A consortium led by private equity firm Francisco Partners (along with Evergreen, the PE arm of tech activist investor Elliott Management), will pay $86.05 in cash for each LogMeIn share – a 25 per cent premium on prices before talk about the takeover surfaced in September.
LogMeIn's board of directors is in favour of the buy. Chief executive Bill Wagner said the deal recognised the value of the firm and would provide for: "both our core and growth assets".