Google today confirmed that it has agreed to acquire Xively, a division of LogMeIn, Inc. at $50 million. This deal is aimed at strengthening Alphabet’s goal to take on Amazon and Microsoft in the public cloud business and internet of things.
Google believes that by 2020, that more than 20 billion connected devices will come online. Analytics and data storage in the cloud is said to play a key role in the success of IoT solution. Under this agreement, Google Cloud’s service will provide a fully managed IoT service that easily and securely connects, manages, and ingests data from globally dispersed devices.
With the addition of Xively’s enterprise-ready IoT platform, Google aims to accelerate the timeline from IoT vision to product, as they look to build their connected business. Furthermore, with this acquisition, Cloud IoT Core will gain deep IoT technology and engineering expertise, including Xively’s advanced device management, messaging, and dashboard capabilities.
With Xively’s extensive feature set and flexible device management platform, combined with Google’s security and scale of Cloud, users will benefit with more extensive features. LogMeIn earlier this week revealed the new AI-powered customer engagement portfolio which is a product line aimed at helping companies engage with modern consumers through their preferred messaging, social, and digital channels.
LogMeIn further clarified that is exiting IoT connectivity platform space as it believes Google acquisition will fetch far better fit for the future of platform leadership. LogMeIn acquired Xively in 2014 for $12 million.
In a blog post, Bill Wagner, President, and CEO, LogMeIn said:
It was a difficult decision to part with extremely talented employees, great customers, and an innovative future-leaning product platform; however, the deal with Google Cloud is recognition of LogMeIn’s culture of excellence that continues to attract the best and brightest innovators – both very worthy of the renowned Google Cloud and LogMeIn monikers.
We are very happy for our team and our customers, and we want to extend our deepest appreciation for helping us define the next wave of connectivity. We will continue to cheer you and Google Cloud on as fellow pioneers in the IoT space.