Xively is a platform built by LogMeIn specifically made for the Internet of Things, and Google has just announced plans to acquire it in a $50 million deal.
Google, which announced the acquisition in a blog post, said it believes the purchase will give its Cloud IoT Core deep technology and engineering expertise. This includes Xively’s device management, messaging, and dashboard solutions.
Google Expands its IoT Offerings
One of the reasons Google gives for its expansion into the Internet of Things market is its estimated growth. Google cited a Gartner study that predicts there will be as many as 20 billion connected things online. By gaining a competitive edge in solutions to manage and analyze the data that results from having so many connected devices working together, Google hopes to bring more customers to its cloud services platform.
“This acquisition, subject to closing conditions, will complement Google Cloud’s effort to provide a fully managed IoT service that easily and securely connects, manages and ingests data from globally dispersed devices,” Google’s Antony Passemard wrote.
LogMeIn Reinvests in Other Projects
LogMeIn also weighed in on the transaction in a blog post of its own. In that post, LogMeIn described its reasoning for the intent to sell as a move to align and prioritize its investments to focus on its core markets. The income from the sale would also allow LogMeIn to invest in its other projects, including a product line focused on delivering AI-powered customer engagement.
As part of the agreement, Google will gain not only Xively’s brand and products, but also its team. That team brings its experience with IoT technologies to Google Cloud.
LogMeIn CEO Bill Wagner said, “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.”
Photo by: Roman Boed