LogMeIn, a provider of cloud-based connectivity
solutions, has completed the acquisition of the Pachube service and
substantially all other assets of Connected Environments for $15 million.
Pachube is a web-based service for connecting people and
devices to the Internet of Things a network of sensor-enabled devices
publishing and sharing data that some predict will exceed 50 billion devices
worldwide by the next decade.
This acquisition furthers LogMeIn’s investment in
scalable connectivity and data sharing platforms, and extends its reach beyond
computers, smartphones and tablets to potentially all Internet-connectable
devices.
We believe the volume of devices coming
online and the amount of data they will generate will dwarf the Internet as we
know it today,” said Michael Simon, CEO, LogMeIn.
This investment extends our Gravity platform
for scalable, secure connectivity and storage into the universe of smart and
embedded devices and the complex systems that the Internet of Things makes
possible. The Pachube team has a deep understanding of the technical challenges
and opportunities that this phenomenon represents, and we believe they’ve built
a service that will change the way people interact with their devices, their
environment and each other,” Simon added.
We are very excited to join LogMeIn,
an ideal partner for Pachube. Together, we are in a strong position to bring
our shared vision for the Internet of Things to fruition,” said, Usman Haque,
founder, Pachube.
We believe uniting the Pachube and LogMeIn teams, who
have an expertise in building both large-scale user communities and the secure
platforms to support them, will accelerate the growth of Pachube’s global
community, introduce Pachube to new people and markets and enable companies to
develop products that leverage our service. LogMeIn understands Pachube’s
mission and brings the resources, knowledge and experience that will help us
deliver our goal of providing the world’s leading open, interoperable platform
for the Internet of Things,” Haque added.
Under the terms of the transaction, LogMeIn acquired
Pachube for approximately $15 million in
cash, a portion of which is performance and retention based and is expected to
be paid over time.
In addition to the amortization of the acquisition cost,
LogMeIn will absorb approximately $1 million per quarter in ongoing operating
costs related to the operation of the Pachube business.
By Telecomlead.com Team
editor@telecomlead.com
