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LogMeIn Now Public

A rare thing happened last week - a venture-backed high-tech SaaS start-up IPO'd

A rare thing happened last week.

A venture-backed high-tech SaaS start-up IPO'd.

Intel-backed LogMeIn, one of the growing legion of remote desktop access services such as Citrix' GoToMyPC, Cisco's Webex and Symantec's pcAnywhere, went public last Wednesday at $16 a share, the top of the range set despite an otherwise dismal market, managing to close at $20 two days running. It raised $106.7 million.

Unlike most of its competition, LogMeIn comes in both paid and free versions (including one for support professionals) and so claims 22.1 million registered users but only 188,000 paying accounts.

Founded in 2003, revenues last year when sales doubled were $52 million. It only broke even in Q3, and earned a total of $3.3 million the next two quarters.

Intel and LogMeIn's other VCs, Prism Venture Partners and Polaris Venture Partners, sold some of their stock.

More Stories By Maureen O'Gara

Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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