What happened
Shares of LogMeIn (LOGM), a provider of cloud-based customer engagement and support solutions, jumped on Friday. The stock finished the trading day up about 10.7%.
The stock's gain followed a report that LogMeIn is in talks to sell itself to a group of private equity firms.
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So what
LogMeIn is "in deep talks to sell the company with several private equity firms interested," The Street reported, citing unnamed sources.
The Street wrote: "Private equity firm Francisco Partners, which in the past bid for part of the company, is said to be back to the table to acquire the entire company, sources relayed. Thoma Bravo, which currently owns a 1.26 million share stake, is also said to be interested."
Now what
Management said in its third-quarter update that it believes it's in a good spot to drive further growth.
LogMeIn's revenue has been growing slowly recently, with non-GAAP (adjusted) revenue up 2.5% year over year in the company's third quarter. But its "growth products" are growing nicely; revenue from these products was up 34% year over year during the period, accounting for over a quarter of revenue.
