LogMeIn Files for IPO to Raise Estimated $123 Million - Woburn, MA
LogMeIn, a Woburn-based provider of remote-connectivity technology for Internet-enabled devices, has filed with the Securities and Exchange Commission for its initial public offering of stock to raise an estimated $123 million. Founded in 2003, LogMeIn entered into a service and marketing agreement with Intel in 2007 to jointly develop a service that delivers connectivity to computers built with Intel components. Under the four-year agreement, LogMeIn is adapting its service delivery platform to work with specific technology delivered with Intel hardware and software products. In conjunction with this agreement, Intel invested $10 million in LogMeIn, which had $17.2 million in revenue for the three months ended March 30 and a profit of $2.3 million. That compares to $9.9 million in revenue and a loss of $3.7 million in the same period a year ago. LogMeIn estimates that it will price about 7.7 million shares at $16 million in its IPO.