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Woburn-based remote connectivity company LogMeIn Inc. has acquired U.K. firm Connected Environments Ltd. for $15 million in cash in order to get its Pachube service, a web-based service for connecting people and devices to sensors and other devices.
Terms of the deal had LogMeIn (Nasdaq: LOGM) paying the $15 million in cash, some of which has been held back for performance and retention-based milestones, to be paid over time, according to a press release from LogMeIn. Michael Simon, CEO of LogMeIn, said in the release that buying Pachube “extends our Gravity platform for scalable, secure connectivity and storage into the universe of smart and embedded devices.”
The Pachube service was launched in 2008 and offers real-time monitoring and management of connected devices, along with collection and storage of the datastreams from such devices for potential future analysis and visualization.
LogMeIn got good news in April when a Virginia judge halted a competitor’s legal complaint with a summary judgment. U.S. District Court in the Eastern District of Virginia ruled on the complaint brought by 01 Communique Laboratory Inc., a 19-year-old Arlington, Va. company that makes a competing software product allowing remote desktop access. The company went public in 2009, raising $107 million and becoming the first tech IPO in almost a year at that point.
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