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Enterprise Software - Monday, January 14, 2008

LogMeIn Logs IPO Filing

logmein.png
Woburn, MA-based LogMeIn has filed for an $86.25M IPO. Its plans are to trade on the Nasdaq as LOGM. LogMeIn was known as 3AM labs. LogMeIn is a SaaS applications for remote PC control, systems management, helpdesk, backup and mobile smart phone support. It has gained traction by reducing adoption barriers with a free-to-premium business model.

LogMeIn has not been profitable since being founded in 2003, however, its revenue more than doubled last year. During the nine months ended Sept. 30, 2007, the company posted a $6.5M net loss. In 2006, the loss was $6.7M and in 2005 the company posted a $5.9M net loss.

LogMeIn subscribers increased to 92K as of November 2007, compared to 48K as of November 2006. It claims to connect more than 25M devices. In the latest 9 month period, LogMeIn did $18.4M in revenue, more than double than the $7.3M recorded for the same period in 2006.

LogMeIn has raised around $20M in VC funding since 2004, from Prism VentureWorks, Polaris Venture Partners, 3TS Capital Partners, Integral Capital Partners and Intel Capital.


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