Private equity firms to acquire LastPass parent for $4.3 billion
LogMeIn, the Boston-based software company that owns password manager LastPass, said it will sell itself to two private equity companies as part of a cash deal valuing LogMeIn at roughly $4.3 billion. LogMeIn announced Tuesday it has agreed to be acquired by affiliates of Francisco Partners and Elliott Management Corp. at a purchase price totaling $86.05 per share. LogMeIn’s best known product likely is GoToMeeting, a video conferencing tool, but the company also purchased LastPass for $110 million in 2015. LastPass, with its 18.6 million stated users, is one of a number of password management tools promising to store and protect subscribers’ usernames and passwords. LastPass competitors include Dashlane, which has raised $210 million in venture capital, and 1Password, which announced in November a $200 million funding round, among others. The plan now is for LogMeIn’s new owners to “accelerate growth and product investment organically and inorganically,” Andrew Kowal, senior […]
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