How We Work: LogMeIn, Inc.
With more than 3 million users, this company’s on-demand, remote access service catches the digital living wave, making connectivity a way of life.
LogMeIn offers the industry’s fastest, easiest remote access and support solutions that provide secure connections between remote PCs and mobile devices over the Web. The company has been recognized with eight Editors’ Choice Awards and “Best of the Year” honors. Its customer roster reflects LogMeIn’s product achievements and includes AMD, Best Buy, Office Depot, Bayer, Kraft, Lockheed Martin, AMD, Philips and Vodafone, among others.
But when Prism’s Woody Benson first met CEO Mike Simon, he immediately appreciated what LogMeIn faced: a large, fragmented market, an incumbent leader and competing free remote access solutions already on the market. That’s when Woody knew he wanted to work with Mike.
To navigate through these challenges, the company’s early market strategy focused on providing free remote access to consumers who would then introduce LogMeIn to their workplace. This approach, combined with products that truly work, gave them a strong foothold in the market. It also resulted in the birth of IT products and services that offer secure, remote support and administration for servers, workstations and laptops.
Recognition of the company’s nascent value is paying off. IDC estimates the market for remote access services “will realize a year-over-year growth rate of 34 percent through 2010". LogMeIn’s products are now available in nine languages and its 4 million subscriber milestone is within reach.
While Woody asserts the company’s growth is a testament to its management team, Mike believes the LogMeIn-Prism relationship has helped the company move through different growth phases. “Woody has shared his enthusiasm, dedication and network with us. He introduced LogMeIn to our VP of Sales and opened the door with a strategic partner who then brought us into a large consumer business deal. It’s hard to ascribe a value to contributions like that.”
“Woody’s also a sounding board and sanity check where and when we need him,” continued Mike. “As a former CEO, he has unbelievable business acumen and moves easily through a variety of functions to ensure they map back to our overarching strategic direction. He supports us with new business development contacts, market insights, partnership introductions, executive interviews and positioning. The effort he puts into off-cycle planning and working with our team is something we’re open to because of his intense commitment to being a partner, confidant and problem-solver. He was the first to get on board and have faith in our initiative. Simply put, he’s delivered.”
