Boston-based connected cloud services firm LogMeIn announced Thursday its $15 million acquisition of San Francisco-based Meldium, to start offering single-sign-on services.
The Y Combinator alum, incorporated as BBA, Inc., is focused on helping companies manage access to nearly 1,500 cloud apps regularly used in today's workplace, such as HubSpot, WordPress, Salesforce, Rackspace, Dropbox, Google Apps and Evernote. With Meldium, employers can manage passwords and accounts for the aforementioned popular business and personal cloud applications, among others.
Under the terms of the transaction, LogMeIn acquired BBA, Inc. for approximately $15 million in cash, a portion of which is performance- and retention-based and is expected to be paid over time, according to a release. The entire Meldium team will now be joining LogMeIn's San Francisco office, where they look "forward to bringing [their] startup spirit."
Wrote Meldium Co-founder and CEO Boris Jabes in a blog post announcing the acquisition:
We believe joining LogMeIn will allow us to deliver a better service to an even larger audience. LogMeIn is a leading provider of cloud-based access, collaboration and IT management tools with a specific focus on small- and medium-sized businesses. Meldium has been a pioneer of the next generation of identity management for businesses running on cloud services. As a combined force we'll continue to delight our users and empower a new generation of IT pros to manage and secure cloud applications.
LogMeIn noted in a release that the company has actively been investing in "an expanding IT portfolio designed to help businesses address and embrace the shift to mobile working, cloud adoption, employee-introduced technology … and the rapid proliferation of apps and connected devices."
And the move appears to be paying off. Earlier this year, LogMeIn announced the South Boston-based company saw a 31 percent increase in revenue to $49 million. At the time, LogMeIn shared it wanted to bring that momentum into the second quarter, and aimed to have revenues in the range of $52.2 to $52.7 million.
Founded in 2003, LogMeIn raised $30 million from Polaris Partners, Intel Capital and others before going public in 2009.
Image via Meldium
