Boston-based IAM provider LogMeIn, Inc. has announced an agreement to acquire Nanorep, an israeli AI startup focusing on self-service, chatbots, and virtual assistants. Headquartered in Herzliya, Israel, Nanorep uses artificial intelligence and patented natural language processing technologies to create solutions aimed at making self-service more engaging and intuitive.
LogMeIn is paying $45 million for Nanorep, as well as up to $5 million more in earn-outs over the next two years. Nanorep has raised nearly $7 million in recent years, from investers including Titanium, Oryzn Capital, and OurCrowd. Worldwide brands including Intuit, FedEx, Toys“R”Us and Vodafone currently use Nanorep for customer service initiatives.
The technology from Nanorep is designed to provide consumers with access to quick resolutions in an intelligent, effortless and more human way. According to a statement from LogMeIn, Nanorep will complement LogMeIn’s recently launched Bold360 platform, which aims to make digital customer service smarter, both as a standalone offering and by adding digital self-service capabilities to the Bold360 product portfolio. The addition of Nanorep is also expected to play a key role in helping to expand LogMeIn’s position in the customer engagement market.
“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. “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. We believe in the ability of technology to unlock the potential of the modern workforce and with the addition of Nanorep we are going to be able to deliver solutions that will help our customers achieve the next generation of humanized and personalized customer service.”
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