Print
Email
Print Edition Stories
LogMeIn Inc. CEO Michael Simon and venture capital investor Prism VentureWorks have unloaded stock in the company worth a total of $9.4 million, according to documents the Woburn maker of remote access software filed with federal regulators.
Prism sold 250,000 shares, LogMeIn (Nasdaq: LOGM) reported this week. At $35.40 a share, the shares were worth $8.85 million in total. Earlier this month, the company reported Simon sold 15,000 shares at a share price of $36. That sale grossed $540,000.
Founded in 2003, LogMeIn raised about $30 million from venture capital firms including Polaris Venture Partners, Prism, 3TS Capital Partners and Integral Capital Partners, as well as a strategic investment from Intel Capital – before going public in 2009 in a drought-breaking, $107 million IPO that set the company’s initial market cap at about $342 million, with shares trading initially at $16. Massachusetts firms Prism and Polaris were the lead pre-IPO backers, with 23.8 percent and 20.1 percent ownership, respectively.
The company added another $60 million in a follow-on stock sale last January. As of mid-day Friday, shares traded at around $36, off a December peak near $47. After a run on enthusiasm over the company’s software for Apple’s iPad device, LogMeIn shares fell in the first quarter amid concerns over the software-as-a-service (SaaS) sector as a whole.
Prism general partner Woody Benson and LogMeIn spokesman Craig VerColen declined to comment.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
