Google acquires LogMeIn's Xively IoT platform for $50m

Google has revealed it will acquire remote desktop software firm LogMeIn's Xively Internet of Things (IoT) platform for a hefty $50 million (35 million).

Google said that while being "subject to closing conditions", the acquisition will complement its cloud arm's effort to provide a fully managed IoT service that easily and securely connects, manages, and ingests data from globally dispersed devices.

"By 2020, it's estimated that about 20 billion connected things will come online, and analytics and data storage in the cloud are now the cornerstone of any successful IoT solution," the firm explained in a post announcing the deal.

"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."

Through the acquisition, Google said Cloud IoT Core will gain "deep IoT technology" and engineering expertise, including Xively's advanced device management, messaging, and dashboard capabilities.

"Our customers will benefit from Xively's extensive feature set and flexible device management platform, paired with the security and scale of Google Cloud," the search engine giant added.

"With Google Cloud's deep leadership in data analytics and machine learning, our customers will also be uniquely positioned to build turnkey IoT solutions and focus on business value creation."

LogMeIn said the deal will see it leaving the IoT connectivity platform space and by handing their Xively team over to Google, it will arm the search giant with "great technology" making it "a far better fit" for the platform.

"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 said.

"What we will continue to do is invest in our Support-of-Things initiatives for products like LogMeIn Rescue, Bold360, GoToAssist, Central, Rescue Lens and SeeIt all offerings that will continue to help our customers support new types of connected products, as well as the connected consumers that use them."

LogMeIn bought Xively back in 2014 for $12 million. LogMeIn said Xively generated $3 million in revenue in the last quarter of 2017.