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LogMeIn cuts about 300 jobs

In making the layoffs, the remote-access software maker cited its ‘evolving priorities.’

LogMeIn was taken over by two private equity firms late last year.Essdras M Suarez/Globe Staff

LogMeIn Inc., a Boston-based maker of software that manages remote access for companies, laid off about 300 workers last week, including almost 70 in Boston.

“LogMeIn is taking steps to determine how and where we prioritize resources and spend as part of our 2020 planning,” a company spokesman said in an e-mail. “With this, we will be reallocating investments and roles to align with those evolving priorities, and this meant eliminating jobs in some areas and creating jobs in others.”

Approximately 8 percent of the company’s employees lost their jobs, the spokesman said. The company has about 800 employees in Boston, and according to a December public filing, 3,974 full-time workers in all.

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Employees whose jobs were eliminated were notified last week and offered an opportunity to apply for open positions within LogMeIn, the company said. Some have already done that, the spokesman said, but he did not specify how many.

The layoffs come two months after the company agreed to be purchased by two private equity firms — Francisco Partners and Evergreen Coast Capital Corporation, an affiliate of Elliott Management Corp. — in a deal valued at $4.3 billion.

Elliot Management is a New York-based hedge fund known as an activist investor, often acquiring stakes in what it sees as underperforming businesses.

The LogMeIn spokesman said the layoffs were not related to the business going private.


Anissa Gardizy can be reached at anissa.gardizy@globe.com. Follow her on Twitter @anissagardizy8 and on Instagram @anissagardizy.journalism.