LogMeIn Aggressive in UCC Push with Jive Acquisition
Communication and collaboration is at the heart of every business. Today, the cloud is empowering a new era of solutions, enabling increased productivity and positive bottom line results. This is one of the primary reasons the Unified Communications and Collaboration (UCC) possesses a projected value upward of $25 billion.
This week, LogMeIn announced an agreement to purchase Jive Communications, bringing an exceptional UCaaS solution into the fold of an already robust portfolio of offerings.
Bill Wagner, President and CEO of LogMeIn, explained “The result is a deal that will accelerate our overall growth, set a new standard in the UCC market, and provide us with a foundation upon which we’ll build the next generation of LogMeIn’s UCC portfolio.”
LogMeIn is putting UCC in its sights, with this transaction taking a major step in a strong market position. While Jive’s 20,000 current customers may not sound like a lot, the cloud communications firm is projected for above-average in a space pegged for exponential growth.
“With market defining brands like GoToMeeting and GoToWebinar, LogMeIn is one of the most recognized and respected names in collaboration – a leader with the reach, scale and resources capable of fueling Jive’s next chapter of growth and customer-focused innovation. They are also a company that shares our vision and philosophy for giving millions of people a better, simpler, friction-free way to communicate and collaborate on their terms,” said John Pope, CEO of Jive Communications. “It’s a combination that immediately gives both parties the power to deliver significantly more value to our combined customer bases.”
The deal is expected to close Q2 2018, with LogMeIn USA Inc., paying $342 million for all outstanding equity interests in Jive, as well as another $15 million in possible contingencies. Once closed, the expectation to keep Jive Communications CEO John Pope in his current role, running the company, while reporting directly to LogMeIn President and CEO Bill Wagner.
UCaaS is building momentum. And with a market forecast calling for sunshine and blue skies for the foreseeable future, LogMeIn is intending to soar in the cloud.
Edited by Mandi Nowitz