LogMeIn Files for IPO Worth Up to $86.25 Million
LogMeIn, which provides IT support services and secure connections to PCs and other computers from remote locations, has registered for an initial public offering worth up to $86.25 million, according to SEC documents. The Woburn, MA-based firm intends to trade on the NASDAQ exchange under the ticker symbol LOGM.
Founded in 2004 as 3am Labs (the change to LogMeIn came in early 2006), LogMeIn’s main service is to allow customers to securely access their work computers from any location with an Internet connection. Clients include small and medium-sized businesses, consumers, and IT service providers. According to its SEC filing, LogMeIn’s customer base has nearly doubled in roughly the last year, going from 48,000 in November 2006 to 92,000 last November. During the nine months that ended last September 30, the firm reports generating $18.4 million in revenues against a net loss of $6.6 million, versus $7.3 million in revenues and a loss of $4.7 million over the same period a year earlier. The firm has never been profitable.
The venture-backed company has raised more than $18 million since its inception. Investors include Prism VentureWorks (which owns approximately 24 percent of LogMeIn shares), Polaris Venture Partners (21 percent), 3TS Capital Partners (16 percent), Integral Capital Partners (9 percent) and Intel Capital (5.5 percent).