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LogMeIn Expands Network Support Services With Nanorep Acquisition

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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. (NASDAQ: INTU), FedEx Corporation (NYSE: FDX) and Chegg Inc (NYSE: 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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