Cubby is a cloud storage company that was launched by a company called LogMeIn this past April. Free users will get 5GB of storage space. As a comparison, Google Drive also offers 5GB of storage space for free, but Dropbox only offers 2GB. Cubby Pro costs $6.99 per month for 100GB and $67 per month for 1TB if pre-paid annually. If you do not pre-pay annually, then the service costs $9.99 per month for 100GB and $99.90 for 1TB. The Pro version of the service includes features like DirectSync, which lets users sync any amount of data across multiple devices.
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.
Seeing a VPN software company file for an IPO is interesting.Â Personally, I’ve never heard of any other VPN company close to doing so.Â LogMeIn hopes to raise $86.3 million through their IPO based on its filing with the SEC.Â LogMeIn is based in Woburn, Mass.Â According to GigaOM, LogMeIn sales reported a loss of $6.5 million in sales from December-September 2007 but grew 151% since the previous year’s 9 months.
LogMeIn uses P2P to connect users between their multiple computers.Â Since LogMeIn focuses on enterprise P2P, an IPO could be of more serious interest to the stock market than if it was just open-source software.Â LogMeIn is expected to trade under NASDAQ with the symbol, LOGM.
Previous investors of LogMeIn includes Intel, Polaris Venture Partners, Prism Venture Partners, Integral Capital Partners.Â LogMeIn customers include 3M, AMD, CardinalHealth, Best Buy, IBM, DHL, SAP, and Rolls-Royce.