Monday, January 14, 2008

LogMeIn Files to Raise $86 Million in IPO - Woburn, MA

LogMeIn, a Woburn-based provider of remote computer connectivity services, has filed with the Securities and Exchange Commission for its initial public offering of stock to raise an estimated $86 million. Consumers and mobile workers use LogMeIn's technology to access computer resources remotely. Its software is deployed on-demand and accessible through a Web browser. LogMeIn reports that its customer base has grown from approximately 48,000 "premium" accounts in November 2006 to approximately 92,000 premium accounts in November 2007. During the nine months ended September 30, 2007, it had revenue of $18.4 million, as compared to $7.3 million over the same period in 2006, an increase of 151%. The company reported a loss of $6.5 million for the nine months ended Sept. 30, compared with a loss of $4.4 million for the same period a year earlier.


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