LogMeIn acquires Nanorep for $50 million
Where Nanorep raises below $7 million from Titanium out of Russia, Oryzn Capital, and CurdCrowd, LogMeIn is paying up to $50 million in earn-out based on performance employees staying put over the upcoming two years.
LogMeIn is a company that gives authentication and other connectivity solutions for the people who connect remotely to networks and services. The company is aware of the value of AI, has made another acquisition to expand the products its offers to its customers.
On 1st August, Tuesday, Boston-based LogMeIn Inc. declared that it has plans to acquire Nanorep to expand its customer engagement market.
The new acquisition especially expands its new Bold360 platform. Bold360 was launched in June.
LogMeIn has also picked up a startup out of Israel, namely Nanorep. Nanorep develops chatbots and other AI-based tools to assist people in navigating self-service apps.
Nanorep uses artificial intelligence and patented natural language processing technologies to make an engaging and intuitive customer.
FedEx, Toys”R” Us and Vodafone, are some big names Nanorep’s 500 customers. Its platform helps us anticipate the goals of the customers while working on a website and a range of steps is not required to get there because the startup provides us a technical support.
With its tech integrated into Bold360, Nanorep’s already existing business is likely to continue.
With the launch of Bold360 earlier this year, LogMeIn intended to help the expansion of company’s wide range services for customers.
LogMeIn’s plan to expand its services beyond its aims of authentication and IT management within the organization.
LogMeIn claims Nanorep to be designed for the provision of quick resolutions in an intelligent, effortless and natural way. The company is hopeful to expand its customer engagement market with the help of Nenorep.