Boston, May 7, 2014: Solutions provider LogMeIn, Inc., has acquired another local Internet of Things (IoT) related company Iona Corporation.
The announcement was made on the website of Iona Corporation. Ionia Corp., which specializes in integrating connected objects. Though the terms of the deal were not disclosed officially, unverified reports elsewhere on the Net said the company was acquired for a deal that includes US $7.5 million in cash plus retention-based bonuses of $4 million, which would be paid out over two years.
The company will be added to LogMeIn’s Xively service, which provides Cloud infrastructure support for the IoT. The move, announced Xively was part of a larger strategy to accelerate LogMeIn’s IoT opportunity by helping early customers of its Xively Cloud Services platform quickly go to market with their connected offerings.
LogMeIn’s first acquisition in the IoT space was in 2011 when it had bought London’s Connected Environments for US $15 million.
“LogMeIn and Ionia share the same business-first philosophy. We focus on helping customers optimize their connected vision so it has the greatest possible business impact, and then we build the connected solution to support it,” said Joe Gaska, who co-founded Ionia along with Keith O’Shea and served as Ionia’s Chief Executive Officer. EO.
Image Credit: Iona Corp.
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