It seems natural that today lots of devices and appliances are learning to talk to each other. So far, the companies developing the global Internet of Things are becoming popular and rich. Boston’s LogMeIn Inc. is eager to become one of them.
“I think the Internet of Things is the next driver of tech growth,” says Bill Wagner, LogMeIn president. Next month, he will substitute the outgoing Michael Simon. “It’s a trillion-plus-dollar market opportunity,” adds Mr. Wagner.
LogMeIn launched in 2003 as a company that let users remotely control desktop computers over the Web. A week ago, the firm introduced Rescue In-App Support that let companies integrate support functionality into their mobile apps.
It is the latest innovation in LogMeIn’s Support of Things initiative, which aims at helping businesses find more effective ways to support and deal with clients as more gadgets become connected. The initiative was started to help firms along their Internet of Things evolution focusing on methods to support various devices and connected products.
“Mobile apps have become the primary user interface for the IoT and app-centric businesses today, but the ability to provide service and support experiences in mobile apps is nonexistent,” said Dave Campbell, LogMeIn senior director of products.
“Creating exceptional support experiences requires companies to be where their customers are. Rescue In-App Support lets businesses put remote support in any mobile app to support connected devices. Technicians can engage app users anywhere, see their screen and support in-app which potentially can provide massive benefits for first contact resolution and customer satisfaction,” he added.
In addition to that, the company delivers various Internet-based services such as chatrooms and file backup. In 2011, LogMeIn bought a London-based Internet of Things software startup Pachube. Then, the startup was dubbed Xively.
“All these messages have to know where to go,” Wagner said. “Xively is basically the traffic cop, if you will, for data in a connected world.” It ensures that messages get to the slow cookers we want to turn off, while blocking access to criminals and vandals hoping to hack our water heaters or jumbo jets, reports Beta Boston.
Last year, LogMeIn earned revenues of $222 million, and the Internet of Things is able to make this firm a multibillion-dollar global tech titan.
“We’re happy to report a very good quarter with strong financial results and what we believe to be significant progress on our key strategic growth initiatives,” said Michael Simon. “Revenue and earnings both exceeded our outlook, allowing us to raise our fourth quarter and full year outlook. In addition, we’ve taken key new steps on our collaboration, Internet of Things, and identity and access management initiatives – including our recent acquisition of LastPass – positioning the business for longer-term growth in some of technology’s most transformative markets.”