LogMeIn buys AI and chatbot provider Nanorep for $45m
Massachusetts-based software provider LogMeIn has acquired Nanorep, a chatbot and virtual assistant company, for $45 million to boost its artificial intelligence (AI)-powered ambitions in customer engagement.
Headquartered in Herzliya, Israel, Nanorep uses AI and patented natural language processing technologies for self-service solutions. A number of companies, such as financial software firm Intuit, Vodafone, and non-fintech ones (e.g. FedEx, Toys “R” Us), use Nanorep for their customer service operations.
This latest deal follows on from LogMeIn’s recent release of its new customer engagement platform, Bold360.
Bill Wagner, CEO of LogMeIn, says Nanorep brings “proven technology and AI expertise” to the Bold360 offering. It will help the company’s customers deliver “the next generation of humanised and personalised customer service”.
Under the terms of the transaction, LogMeIn acquired all the outstanding equity interests in Nanorep for a purchase price of approximately $45 million.
LogMeIn says it 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 is headquartered in Boston with additional locations in North America, Europe, Asia and Australia.
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