Boston-based LogMeIn has made its second acquisition in the “Internet of Things” space, and this time it’s a local company.
For those unfamiliar, the Internet of Things refers to the ability of physical objects to send data to the cloud — and to each other — using the Web. It’s a space expected to grow to massive size in coming years as more and more objects become “connected devices.” (Think of Nest’s connected thermostats or a project like Smart Locks as examples.)
Today, LogMeIn said it has acquired Boston-based Ionia Corp., which specializes in integrating connected objects. The deal includes $7.5 million in cash plus retention-based bonuses of $4 million, which would be paid out over two years.
LogMeIn said the company will be added to its Xively service, which provides cloud infrastructure needed to support the Internet of Things.
That service stemmed from LogMeIn’s first acquisition in the Internet of Things space, the 2011 acquisition of London’s Connected Environments for $15 million.
In a news release, LogMeIn chief executive Michael Simon said many customers are moving from the “exploratory” phase for the Internet of Things and into implementation. “To do this, customers need integrated solutions that tie together products,” such as what Ionia provides, Simon said.