LogMeIn acquires chatbot and AI startup Nanorep for up to $50M

LogMeIn, the company that provides authentication and other connectivity solutions for those who connect remotely to networks and services, has made another acquisition to expand the products it offers to customers, specifically in its new Bold360 CRM platform, launched in June. The company has picked up Nanorep, a startup out of Israel that develops chatbots and other AI-based tools to help people navigate self-service apps. LogMeIn is paying $45 million plus up to $5 million more in earn-outs based on performance and employees staying put over the next two years. Nanorep had raised just under $7 million from investors that included Titanium out of Russia (which had also backed Cloudyn, recently acquired by Microsoft), Oryzn Capital and OurCrowd. The startup already had around 500 large customers, including big names like FedEx, Toys"R"Us and Vodafone.