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Google acquires LogMeIn's Xively IoT platform for $50 million

Google said Xivley will complement its Google Cloud objectives with analytics and data storage as the cornerstones.

Google on Thursday announced it will acquire LogMeIn's Xively IoT platform for $50 million.

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Google said the deal will "complement" its Google Cloud efforts for a fully managed IoT service.

"With the addition of Xively's robust, enterprise-ready IoT platform, we can accelerate our customers' timeline from IoT vision to product, as they look to build their connected business," Google wrote in a blog post announcing the acquisition.

Google and LogMeIn said the acquisition is subject to customary closing conditions.

LogMeIn said in a blog post it's leaving the IoT connectivity platform space. Google will gain 45 employees from the acquisition.

"So the obvious question is, does this mean LogMeIn is exiting the IoT? Well, if you mean the IoT connectivity platform space, yes, we're leaving it. 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," LogMeIn wrote.

LogMeIn acquired Xively in 2014 for $12 million. On a conference call Thursday, LogMeIn said Xively generated $3 million in revenue during the most recent quarter.