In the realm of remote communication and collaboration, GoToMeeting has been a household name for over two decades. Founded in 2004, this pioneering platform has enabled countless individuals and businesses to connect, collaborate, and thrive in the digital landscape. However, behind the scenes, a significant ownership shift has taken place, leaving many wondering: Who bought GoToMeeting? In this article, we’ll delve into the fascinating story of GoToMeeting’s ownership evolution, exploring the key players, motivations, and implications of this significant transaction.
The Birth and Rise of GoToMeeting
To understand the significance of the ownership change, it’s essential to revisit GoToMeeting’s humble beginnings. Founded by entrepreneurs Michael Rose and Deacon Dutton, Citrix Systems acquired the company in 2004, just a year after its inception. Under Citrix’s umbrella, GoToMeeting rapidly expanded its user base, solidifying its position as a leader in the burgeoning web conferencing market.
Throughout the 2000s and 2010s, GoToMeeting continued to innovate, introducing new features, such as high-definition video, mobile apps, and personalized meeting rooms. This commitment to innovation helped the platform maintain its market dominance, even as new players entered the scene.
LogMeIn Enters the Scene
Fast-forward to 2016, when LogMeIn, a provider of remote access and collaboration solutions, announced its intention to acquire GetGo, the parent company of GoToMeeting, for a staggering $1.8 billion. This move marked a significant strategic shift for LogMeIn, which aimed to bolster its position in the unified communication and collaboration (UCC) space.
The acquisition was completed in January 2017, with LogMeIn absorbing GoToMeeting into its portfolio of brands. As a result, GoToMeeting became an integral part of LogMeIn’s UCC offerings, alongside other prominent brands like LastPass, Grasshopper, and Join.me.
The Emergence of GoTo
In 2020, LogMeIn took a crucial step in its UCC evolution by spinning off its GoToMeeting and related assets into a separate entity, aptly named GoTo. This strategic move enabled LogMeIn to focus on its core Password Management and Customer Engagement businesses while allowing GoTo to operate as an independent company, focused on UCC and collaboration solutions.
GoTo, with its rich heritage and respected brand reputation, was poised to drive innovation and growth in the UCC space. The new entity was led by a seasoned executive team, tasked with navigating the competitive landscape and charting a course for future success.
The Sale of GoTo
In July 2021, Francisco Partners, a leading private equity firm, and Evergreen Coast Capital, an affiliate of Elliott Management Corporation, jointly announced the acquisition of GoTo from LogMeIn. This deal, valued at approximately $4.3 billion, marked a significant milestone in the evolution of GoToMeeting and its parent company, GoTo.
With this acquisition, GoTo gained access to substantial resources, expertise, and capital, positioning the company for accelerated growth, innovation, and expansion into new markets. The new ownership structure also brought about a renewed focus on customer needs, with an emphasis on delivering exceptional user experiences and driving business outcomes.
What’s Next for GoToMeeting?
As GoTo embarks on this new chapter, users and investors alike are wondering what the future holds for GoToMeeting. With a refreshed ownership structure and bolstered resources, the company is well-positioned to tackle emerging trends and address the evolving needs of the modern workforce.
Some potential areas of focus for GoToMeeting might include:
- Artificial Intelligence (AI) Integration: Leveraging AI to enhance meeting experiences, improve collaboration, and facilitate data-driven insights.
- Hybrid Work Environment Support: Developing features and tools to seamlessly support the transition to hybrid work environments, where remote and in-person collaboration converge.
As the UCC landscape continues to evolve, GoToMeeting remains committed to innovation, customer satisfaction, and delivering exceptional user experiences. With a storied past, a strong brand reputation, and a new ownership structure in place, the future looks bright for this iconic web conferencing platform.
In conclusion, the story of who bought GoToMeeting is one of strategic evolution, innovative spirit, and a commitment to meeting the changing needs of the modern workforce. As GoToMeeting continues to adapt and thrive, one thing is clear: the best is yet to come for this trailblazing platform and its dedicated user base.
Who bought GoToMeeting?
LogMeIn, a leading provider of remote work solutions, acquired GoToMeeting in 2015. This acquisition expanded LogMeIn’s portfolio of collaboration tools and further solidified its position as a leader in the remote work industry.
The acquisition of GoToMeeting was a strategic move by LogMeIn to expand its offerings and better serve its customers. By combining GoToMeeting’s video conferencing capabilities with its own remote access and customer engagement solutions, LogMeIn aimed to provide a more comprehensive suite of tools for businesses and individuals alike.
What was the acquisition price for GoToMeeting?
LogMeIn acquired GoToMeeting for approximately $130 million in cash and stock. The acquisition was seen as a significant move by LogMeIn to strengthen its position in the collaboration and remote work space.
The acquisition price was considered a fair valuation for GoToMeeting, given its strong brand recognition and customer base. The deal also provided LogMeIn with access to GoToMeeting’s extensive user base, which helped to further grow its own customer base.
What changes were made to GoToMeeting after the acquisition?
After the acquisition, LogMeIn made several changes to GoToMeeting to further improve its functionality and user experience. These changes included updates to the user interface, enhancements to audio and video quality, and the addition of new features such as screen sharing and recording capabilities.
The changes made to GoToMeeting were aimed at providing a more seamless and intuitive user experience. By investing in the development of GoToMeeting, LogMeIn aimed to further establish itself as a leader in the remote work and collaboration space.
Was GoToMeeting rebranded after the acquisition?
Yes, GoToMeeting was rebranded after the acquisition. LogMeIn introduced a new logo and brand identity for GoToMeeting, which aligned with its own brand identity.
The rebranding of GoToMeeting was aimed at creating a more cohesive brand image for LogMeIn’s suite of collaboration tools. By rebranding GoToMeeting, LogMeIn sought to create a more uniform and recognizable brand presence in the market.
How did the acquisition of GoToMeeting impact LogMeIn’s business?
The acquisition of GoToMeeting significantly impacted LogMeIn’s business, providing a major boost to its revenue and customer base. GoToMeeting’s strong brand recognition and extensive user base helped to further establish LogMeIn as a leader in the remote work and collaboration space.
The acquisition also provided LogMeIn with access to new markets and customers, further expanding its business. By integrating GoToMeeting into its portfolio of solutions, LogMeIn was able to offer a more comprehensive suite of tools to its customers, further solidifying its position as a leader in the industry.
What benefits did the acquisition bring to GoToMeeting customers?
The acquisition of GoToMeeting brought several benefits to its customers. For one, it provided access to a more comprehensive suite of collaboration tools, including LogMeIn’s remote access and customer engagement solutions.
Additionally, the acquisition brought increased investment in the development of GoToMeeting, resulting in updates to its features and functionality. This further enhanced the user experience and provided GoToMeeting customers with a more robust and reliable video conferencing solution.
Is GoToMeeting still a popular video conferencing solution?
Yes, GoToMeeting remains a popular video conferencing solution, widely used by businesses and individuals alike. Its strong brand recognition and user base have continued to grow since the acquisition, with many users praising its ease of use and robust features.
Today, GoToMeeting remains one of the leading video conferencing solutions on the market, trusted by millions of users worldwide. Its continued popularity is a testament to the success of LogMeIn’s acquisition and its commitment to providing innovative and effective collaboration solutions.