LogMeIn Preparing For $100 Million IPO On July 1
Earlier this week remote access software company LogMeIn announced that they are preparing for an IPO. The company plans to offer 6.66 million shares at a price of about $14-$16. The IPO is expected to take place on July 1. LogMeIn will trade under the NASDAQ with the stock symbol LOGM.
LogMeIn had a net income of $1.5 million for the three months ending March 31 on revenue of $17.2 million. About a year ago, the company had a net loss of $4.2 million on revenues of $9.9 million during the same time period. Intel owns 5% of LogMeIn and other investors include Prism Venture Partners, Polaris Venture Partners, Technology Holding Central and Eastern European Funds, and Integral Capital Partners.
LogMeIn customers include AMD, CardinalHealth, 3M, Best Buy, IBM, DHL, SAP, etc. The company is based on Woburn, Massachusetts. The company indicated the IPO back in January.@amitchowdhry or on Google+ at +AmitChowdhry