LogMeIn sells to private equity firms for $4.3 billion
LogMeIn, Inc., a leading provider of cloud-based connectivity, have this week announced that it has entered into a definitive agreement (or the “Agreement”) to be acquired in a transaction led by affiliates of Francisco Partners, a leading technology-focused global private equity firm, and including Evergreen Coast Capital Corporation (“Evergreen”), the private equity affiliate of Elliott Management Corporation (“Elliott”), for $86.05 per share in cash. The all-cash transaction values LogMeIn at an aggregate equity value of approximately $4.3 billion.
Under the terms of the Agreement, LogMeIn shareholders will receive $86.05 in cash for each share of LogMeIn’s common stock they hold. This consideration represents a premium of approximately 25% to LogMeIn’s unaffected closing stock price on September 18, 2019, the last trading day before a media report was published speculating about a potential sale process. The Board of Directors of LogMeIn approved the Agreement and recommended that shareholders vote in favor of the transaction.
“This transaction acknowledges the significant value of LogMeIn and provides our stockholders with a meaningful and certain cash offer at a compelling premium,” said Bill Wagner, President and Chief Executive Officer of LogMeIn. “Together, Francisco Partners and Evergreen are committed to addressing the unique needs of both our core and growth assets. We believe our partnership with Francisco Partners and Evergreen will help put us in a position to deliver the operational benefits needed to achieve sustained growth over the long term.”
“LogMeIn has a compelling product portfolio and leadership in the Unified Communications and Collaboration, Identity, and Digital Engagement markets,” said Andrew Kowal, Senior Partner at Francisco Partners. “We look forward to working with Bill and the leadership team at LogMeIn to accelerate growth and product investment organically and inorganically.”
“This investment builds on the strength of our infrastructure and security software franchise and we are thrilled to partner with the company to achieve its long-term strategic vision,” added Dipanjan “DJ” Deb, co-founder and CEO of Francisco Partners.
“We have deep appreciation for the LogMeIn franchise and leadership team from our long-term involvement in the business,” said Elliott Partner Jesse Cohn and Portfolio Manager Jason Genrich. “We look forward to partnering with Bill and the entire executive leadership team alongside Francisco Partners on the next phase of growth and value creation for LogMeIn as a private company.”
Christine Wang, Principal at Francisco Partners also commented, "We are excited to invest in LogMeIn and support its mission to deliver best-in-class software solutions to the modern workforce.”
The transaction is expected to close in mid-2020, subject to customary closing conditions, including the receipt of stockholder and regulatory approvals.
The definitive agreement for the transaction includes a customary 45-day “go-shop” period which permits LogMeIn and its advisors to actively solicit alternative acquisition proposals, and potentially enter negotiations with other parties that make alternative acquisition proposals. LogMeIn will have the right to terminate the definitive agreement to accept a superior proposal subject to the terms and conditions of the definitive agreement. There can be no assurance that this process will result in a superior proposal, and LogMeIn does not intend to disclose developments with respect to the solicitation process unless and until its Board of Directors makes a determination requiring further disclosure.
Qatalyst Partners and J.P. Morgan Securities LLC are acting as financial advisors to LogMeIn, and Latham & Watkins LLP is serving as the company’s legal advisor.
Mizuho Bank, Ltd. is acting as lead financial advisor and Barclays, Deutsche Bank Securities, Jefferies LLC, and RBC Capital Markets are acting as co-financial advisors to Francisco Partners and Evergreen with Paul Hastings LLP, Kirkland & Ellis LLP, and Gibson, Dunn & Crutcher LLP serving as legal advisors. Barclays, RBC Capital Markets, Deutsche Bank Securities, Jefferies Finance LLC, and Mizuho Bank, Ltd. have provided committed debt financing for the transaction.
Industry: Unified Communications
- SPLUNK SOC Analyst level 3, London.
SPLUNK SOC Analyst level 3, Must be able to commute to the City of London. Onsite role. Security clearance needed. The SPLUNK SOC Analyst level 3 must have current experience working within a SOC environment with specific experience using a range of tools and techniques to investigate security incidents. Current experience with Splunk is essential. any additional experience Individuals with Elastic Security SIEM are highly desirable. Any of the following certifications are desirable Splunk Phantom certified admin, Splunk Core Certified Power User / Advanced, Splunk Certified Enterprise Security Admin, etc The role will include, but not be limited to working with sophisticated information security tools, investigating security incidents, incident management, technical escalation, process improvement, research into the latest threats, reporting etc The individual MUST currently be living in the UK and be able to achieve UK security clearance. (SC) This is a permanent role To arrange a call with Chris Holt https://calendly.com/chris-holt/arranged-call-with-chris-holt-elastic-siem-engineer-soc Chris.Holt@dclsearch.com
- ISO 27001 & Business Continuity Security Specialist, End User
- United Kingdom
CH7828 ISO 27001 & Business Continuity Security Specialist, End User, £70,000 United Kingdom ISO 27001 & Business Continuity Security Specialist needed to join a Cyber team within an end user. The ISO 27001 & Business Continuity Security Specialist will have end to end responsibility for the information security and Business Continuity management system. ISMS/BCMS. Both from an information security and technical security perspective working alongside the CISO. Experience must include, but not be limited to; a mix of Information Security standards, frameworks, audit principles, controls / policies and the management and use of the technical tooling to achieve compliance. ISO 22301, ISO 27001, NIST Cybersecurity Framework etc An ideal candidate will be working within an end user environment with a cyber consultancy background. Experience taking a company through accreditation is highly desirable Experience managing internal stakeholders, technical teams and external third parties essential Flexible working, very occasional travel to London office This is an exclusive role to DCL Search & Selection. Looking to interview immediately. https://calendly.com/chris-holt/iso-27001-business-continuity-security-specialis
- PCI- DSS Security Consultant, End User
PCI- DSS Security Consultant needed to join a Cyber team within an end user. The PCI- DSS Security Consultant will have end to end responsibility for PCI - DSS and its continuing certification. Both from an information security and technical security perspective working alongside the CISO. Experience must include, but not be limited to; a mix of Information Security standards, frameworks, audit principles, controls / policies and the management and use of the technical tooling to achieve compliance. PCI objectives / 12 key requirements, OWASP top 10, ISO 27001, NIST Cybersecurity Framework etc An ideal candidate will be working within an end user environment with a cyber consultancy background. PCI Cloud compliance, specifically someone with experience taking PCI-DSS from on premise into the cloud is HIGHLY desired. However, someone with Solid PCI experience with a strong technical background which include Cyber / Secure by design etc would be considered. Experience managing internal stakeholders and external third parties essential. Flexible working, but with the ability to get into London. This is an exclusive role to DCL Search & Selection. 1st stage interviews to happen the week of the 14th September Arrange a call with Chris on https://calendly.com/chris-holt/arrange-a-call-chris-dcl-pci-compliance
- IAM Contractor CyberArk
Identity & Access Management Architect Contractor Flexible • Extensive PAM / IAM experience required, • MUST have CyberArk and or Beyondtrust. Privileged access management • Technical review, recommendation, design and hands on technical delivery. • 6 month contract Arrange a call with Chris Holt https://calendly.com/chris-holt/arranged-call-with-chris-holt?month=2020-09