LogMeIn Buys Chatbots StartUp NanoRep
LogMeIn said it acquired all of the outstanding equity in Nanorep for around $45 million
On Tuesday, Boston-based remote connectivity company LogMeIn announced it acquired chatbots company NanoRep.
LogMeIn said it acquired all of the outstanding equity in Nanorep for around $45 million, and the company expects to pay up to additional $5 million, contingent on business milestones and retention of employees over a two-year period following the finalization of the deal.
Headquartered in Herzliya, around 10 miles north of Tel-Aviv, NanoRep develops and sells customer support chatbots, utilizing artificial intelligence technologies. It lists FedEx, Intuit, Toys "R" Us, IKEA, UK Mail Group, RBS and Vodafone as customers.
“Artificial intelligence is changing the way we interact with our favorite brands and will play a critical role in the future of customer engagement,” said Bill Wagner, CEO, LogMeIn, in the company’s announcement.
Founded in 2009 NanoRep has raised $11 million to date. It employs around 50 people.
Announcements and product launches coming from companies such as Facebook and Microsoft in recent years have created a hype around chatbots, said Amit Ben Shahar, NanoRep’s chief technology officer and one of the company’s co-founders.
“The hype around the technology is now settling down, giving way to a balance between expectations and what can be achieved technologically,” said Mr. Ben Shahar in an interview with Calcalist.
“Chatbots are not always the right solution. Currently, they take on well-defined roles. In time, these roles would expand,” he added.
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