Google acquires Xively IoT from LogMeIn for $50M

Google announced that it is acquiring Xively, a division of LogMeIn for $50 million. Google and LogMeIn said the acquisition is subject to customary closing conditions.

"With the addition of Xively's robust, enterprise-ready IoT platform, we can accelerate our customers' timeline from IoT vision to product, as they look to build their connected business," Google wrote in a blog post announcing the acquisition.

With Xively, companies can connect new devices, manage them remotely and send data from the devices into other systems. Xively's customers include Halo Smart Labs, Lutron, and New England BioLabs. Xively generated a revenue of $3 million and $13 million of expenses in LogMeIn's 2017 fiscal year.

LogMeIn is focused on pursuing its three largest opportunities to expand customer value: Customer Engagement, Unified Communications & Collaboration (UCC), and Identity and Access Management (IAM).

"We believe that Google Cloud, now armed with Xively’s team and great technology – and backed by their platform and developer heritage and reach – are a far better fit for the future of platform leadership,” LogMeIn wrote in a blog post.

The deal is expected to close in the first quarter post which Xively's 45 employees will join Google.