LogMeIn LOGM is expanding its product portfolio by adding solutions to its Unified Communications & Collaboration (UCC) suite. To this end, the company takes advantage of the spurt in demand for all-in-one cloud-based communications and collaboration solutions to address the employers and remote employees’ communication needs.
LogMeIn recently updated its GoTo portfolio by bringing forward a “completely new experience for GoToMeeting”.
Reportedly, the new GoToMeeting features a video-first interacting experience, superior audio quality, a new conference hub, strong meeting diagnostics and additional AI-powered transcription capabilities.
The product is expected to deliver a simple, intuitive end-user experience while providing IT with more control over deployment, management and security.
Boost to UCC Business
LogMeIn’s UCC portfolio boasts around 28 million users per month and about 20 billion voice minutes a year. Notably, its GoTo portfolio offerings were of late named a “Leader” in the 2019 Gartner Magic Quadrant for Meeting Solutions and also a “Challenger” in the 2019 Gartner Magic Quadrant for Unified Communications as a Service, Worldwide.
The acquisition of Jive Communications is believed to have provided the missing links in the UCC space for LogMeIn. Jive Communications, which offers cloud-based phone systems and Unified Communications (UC) services, is one of the fastest growing companies in the UCaaS space. Therefore, apart from bolstering its existing communications and collaboration portfolio, the buyout is assisting LogMeIn to enter the business telephony market.
Per a ReportBuyer report, the total video-conferencing market is expected to see a CAGR of 12.1% from 2018 to 2023 on achieving the $13.82-billion mark by 2023. Moreover, Aragon Research predicts 65% of the conference rooms to be video-enabled by 2022.
Notably, an increasing number of mobile workers, integration of huddle room with video, improving internet connectivity, rising demand for VCaaS technology among millennials and the trending bring your own device (BYOD) to organizations are driving the video conferencing market.
Given an avenue of such robust growth opportunities, the company is looking to expand its business internationally. Last month, it announced the availability of GoToConnect and the video conferencing room solution GoToRoom in the United Kingdom, Ireland and Germany. Management mentioned that most GoTo products can be accessed in more than 190 countries already. Moreover, the GoToConnect product is likely to be launched in Australia during the fourth quarter of 2019.
We therefore believe that product quality and performance upgrade, multiple product launches and ramp-up of marketing efforts to support the company’s new GoTo brand is a positive for this segment.
Moreover, the company will also be able to deflect the intensifying competition from Cisco CSCO, Microsoft MSFT Skype, Adobe ADBE Connect, which is otherwise a relentless concern.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.6% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Cisco Systems, Inc. (CSCO) : Free Stock Analysis Report
LogMein, Inc. (LOGM) : Free Stock Analysis Report
Adobe Systems Incorporated (ADBE) : Free Stock Analysis Report
Microsoft Corporation (MSFT) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research