Bold Software, a Wichita-based software firm, has been acquired by a Massachusetts firm for $16.5 million in cash.
LogMeIn, a Woburn, Mass.-based tech company, said Monday that it has acquired nearly all of the assets of Bold Software, whose flagship product is called BoldChat, a software product that allows visitors to a company’s website to chat online with company representatives.
"We believe this acquisition significantly expands the unique services we can offer to help facilitate customer engagement, while broadening the value to a wider group of customer service staff," said Michael Simon, CEO of LogMeIn, in a news release.
A LogMeIn spokesman said his company plans to retain Bold Software’s 15 employees, including Steve Castro-Miller, Bold’s CEO, who will oversee LogMeIn’s new “chat” division. LogMeIn will keep the BoldChat product name and offices at 1 Brittany Place in east Wichita.
“We love the whole package so we want to keep that intact as much as possible … (and) just kind of build from there,” said Craig VerColen, LogMeIn spokesman.
VerColen said his company — which had $101 million in revenue in 2010 and more than 400 employees — had been searching the market for a “best of breed web chat product” and Bold was it.
“They’ve got a great customer base,” he said, and a group of employees with “comprehensive experience” in the product. He said Bold’s customer service chat product complements LogMeIn’s customer care products and services.
LogMeIn is listed on Nasdaq under the symbol LOGM.
Bold’s Castro-Miller wasn’t available Monday for comment. He said in a news release that Bold and LogMeIn have a “shared vision” in providing companies customer care products and services. “By combining forces, we believe we have the opportunity to deliver a suite of services beyond anything available today,” Castro-Miller said in the news release.
According to an Eagle story last February, Bold Software had more than 9,000 customers in 70 countries, including Motorola, Archer Daniels Midland and EasyJet.
Bold was founded in 2003 by serial entrepreneur Kent Johnson, and the company was originally named Bravestorm. It is among several tech-related startups for Johnson, including Webcentric, and its website, bottomdollar.com, which sold for $50 million in 1999.