LogMeIn Acquires Artificial Intelligence and Chatbot Provider Nanorep; Bolsters Customer Engagement Portfolio
August 01 2017 - 8:00AM
LogMeIn, Inc. (Nasdaq:LOGM) today announced that it has agreed to
acquire Nanorep, an innovative digital self-service, chatbot and
virtual assistant company. Headquartered in Herzliya, Israel,
Nanorep harnesses artificial intelligence and patented natural
language processing technologies to create solutions that make
self-service more engaging and intuitive. Some of the world’s most
trusted brands including Intuit, FedEx, Toys“R”Us and Vodafone use
Nanorep for key customer service initiatives. Following LogMeIn’s
recent release of its new intelligent customer engagement platform,
Bold360, the Nanorep acquisition represents another step forward in
LogMeIn’s mission to empower companies to deliver more human,
personalized and intelligent customer engagement.
“Artificial intelligence is changing the way we interact with
our favorite brands and will play a critical role in the future of
customer engagement,” said Bill Wagner, CEO, LogMeIn. “With
Nanorep, we gain proven technology and AI expertise that expands
our Bold360 offering, accelerates our customer engagement vision
and provides a natural path for us to leverage these emerging
technologies across our entire portfolio. We believe in the ability
of technology to unlock the potential of the modern workforce and
with the addition of Nanorep we are going to be able to deliver
solutions that will help our customers achieve the next generation
of humanized and personalized customer service.”
Addressing increasing demand
While chatbots, virtual agents and artificial intelligence have
seen a rapid rise across personal and business use cases, their use
and adoption in customer service has been profound.
A recent study from Gartner suggests that the percentage of
customer service experiences that will be handled by conversational
agents is expected to increase from 3 percent in 2017 to 30 percent
by 2022.1
Working with many of the world’s top brands, Nanorep has
successfully introduced the use of AI in many large-scale customer
engagement environments, and has helped humanize virtually assisted
interactions.
“LogMeIn and Nanorep share a common vision for the future of
customer engagement, and that is one predicated on providing
personalized, human experiences that can simultaneously boost
customer satisfaction while reducing costs,” said Eli Campo, CEO of
Nanorep. “This is not only a natural fit, but an immediate win for
our respective customers. By adding our expertise in artificial
intelligence to the already strong customer engagement and support
proficiency of LogMeIn, we believe that we will be able to create
the tools and solutions that customer support teams will want to
have in their arsenal now and in the future.”
Nanorep and Bold360
The technology from Nanorep is designed to provide consumers
with access to quick resolutions in an intelligent, effortless and
more human way. Nanorep will complement LogMeIn’s recently launched
Bold360 platform, which aims to make digital customer service
smarter, both as a standalone offering and by adding digital
self-service capabilities to the Bold360 product portfolio. The
addition of Nanorep is also expected to play a key role in helping
to expand LogMeIn’s position in the customer engagement
market.
Transaction Details
Under the terms of the transaction, LogMeIn acquired all of the
outstanding equity interests in Nanorep for a purchase price of
approximately $45 million. LogMeIn is also expected to pay up to $5
million in contingent cash payments to certain continuing employees
of Nanorep upon their achievement of milestone and retention
targets over the two-year period following the closing of the
transaction.
LogMeIn’s Customer Engagement & Support
Portfolio
LogMeIn delivers industry leading solutions designed to empower
companies to deliver smarter, more personalized customer engagement
and support. Supporting over 200 million customer interactions
every year, LogMeIn is helping companies transform how they
interact with their customers in real-time, creating experiences
that drive increased satisfaction and brand loyalty.
About Nanorep
Nanorep is an innovative provider of self service, Virtual
Assistants, and smart bot solutions for customer service and
ecommerce. Harnessing sophisticated White Box AI capabilities
combined with patented NLP technology, Nanorep creates
ready-to-use, simple-to-deploy solutions that make self-service
engaging and intuitive for a conversational experience. Nanorep has
been successfully implemented by over 200 companies worldwide and
consistently drives self-service usage of over 90%, helping
companies improve their overall customer experience for a seamless
omni-channel customer journey.
About LogMeIn
LogMeIn, Inc. (NASDAQ:LOGM) simplifies how people connect with
each other and the world around them to drive meaningful
interactions, deepen relationships, and create better outcomes for
individuals and businesses. One of the world’s top 10 public SaaS
companies, and a market leader in communication & conferencing,
identity & access, and customer engagement & support
solutions, LogMeIn has millions of customers spanning virtually
every country across the globe. LogMeIn is headquartered in Boston
with additional locations in North America, Europe, Asia and
Australia.
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1 Gartner Research, Market Insight: How to Collaborate and
Compete in the Emerging VPA, VCA, VEA and Chatbot Ecosystems, March
2017
Media Contact:
Alison Parker
press@logmein.com
781-850-1261
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