LogMeIn Expands Network Support Services With Nanorep Acquisition

Nanorep, a private equity firm that develops chatbots and artificial intelligence for customer self-service, sold itself to LogMeIn Tuesday for $45 million with the potential addition of another $5 million based on performance.

The firm’s technology has supported about 500 customers, including Intuit Inc. INTU, FedEx Corporation FDX and Chegg Inc CHGG, and it expands the client reach and capacities of LogMeIn’s site network support services.

“Artificial intelligence is changing the way we interact with our favorite brands and will play a critical role in the future of customer engagement,” LogMeIn CEO Bill Wagner said in a statement. “With Nanorep, we gain proven technology and AI expertise that expands our Bold360 offering, accelerates our customer engagement vision and provides a natural path for us to leverage these emerging technologies across our entire portfolio.”

A startup in the innovation hub of Israel, Nanorep had previously convinced six investors of its potential, ultimately raising $6.75 million in financing from the likes of crowdfunding investment platform OurCrowd.

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