SaaS and cloud-based remote connectivity services provider LogMeIn has acquired Nanorep, a digital self-service, chatbot and virtual assistant company, to empower companies to deliver more personalized and intelligent customer engagement.
The Nanorep technology is designed to provide consumers with access to quick resolutions in an intelligent, more human way. The transaction will add the Nanorep digital self-service capabilities to LogMeIn’s Bold360 platform and product portfolio, as well as expand LogMeIn’s position in the customer engagement market.
Under the terms of the acquisition, LogMeIn has acquired Nanorep’s outstanding equity interests for approximately $45 million. The company is also expected to pay up to $5 million in contingent cash payments to certain Nanorep employees upon their achievement of milestone and retention targets over the two years following the transaction’s close.
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“Artificial intelligence is changing the way we interact with our favorite brands and will play a critical role in the future of customer engagement,” said Bill Wagner, CEO of LogMeIn in a statement. “With Nanorep, we gain proven technology and AI expertise that expands our Bold360 offering, accelerates our customer engagement vision and provides a natural path for us to leverage these emerging technologies across our entire portfolio.”
