LogMeIn, Inc. (NASDAQ: LOGM) said it has announced the acquisition of San Francisco-based Meldium (incorporated as BBA, Inc.).
The acquisition immediately expands LogMeIn´s popular IT portfolio with an elegant SSO offering, while introducing a natural extension of the identity, cloud app, and device management capabilities in its other IT management products. As a result, the deal is expected to build upon and accelerate LogMeIn´s strategic initiative of empowering IT professionals to embrace, manage, and secure today´s cloud-centric, consumerized, workplace.
Meldium, a venture-backed startup and Y Combinator alum, is focused on helping companies manage access to the rapidly growing number of cloud apps used in the workplace, specifically addressing the security risks that often arise from employees´ poor password practices. The company offers a simple, secure way for teams and entire companies to manage passwords and accounts for popular business and personal cloud applications.
The full Meldium team is expected to join LogMeIn and will remain based in San Francisco.
Under the terms of the transaction, LogMeIn acquired BBA, Inc. for approximately USD15m in cash, a portion of which is performance and retention based and is expected to be paid over time.
LogMeIn transforms the way people work and live through secure connections to the computers, devices, data, and people that make up their digital world. LogMeIn is headquartered in Boston´s Innovation District with offices in Australia, Hungary, India, Ireland, and the UK.