LogMeIn (LOGM - Free Report) recently announced the availability of its Unified Communications & Collaboration (UCC) product GoToConnect and the video conferencing room solution GoToRoom in the United Kingdom, Ireland and Germany.
Notably, GoToConnect, which became generally available in April, brings together Jive and GoToMeeting onto a simple-to-use, simple-to-deploy platform, providing integrated voice, video, meetings and messaging.
Meanwhile, GoToRoom, the huddle and conference room solution includes a huddle room and a slightly larger conference room to address the communication gap amid a company’s dispersed workforce.
Adding these two latest solutions will help IT leaders easily manage tools from a single vendor while and employees will be able to work from wherever they want by gaining access to voice, video, chat and in-room conferencing.
The company looks to expand its foothold in the European market by bringing the entire suite of its GoTo brand products in the region.
Management mentioned that most of the GoTo products are available in more than 190 countries already. Moreover, the GoToConnect product is likely to be launched in Australia in the fourth quarter of 2019.
Impetus to UCC Business
LogMeIn is expanding its product portfolio by adding solutions to its UCC suite, taking advantage of growing demand for all-in-one cloud-based communications and collaboration solutions to address the communication needs of employers and remote employees.
Per a ReportBuyer release, the total video conferencing market is expected to hitting the $13.82-billion mark by 2023, seeing a 5-year CAGR of 12.1% from 2018 onward. Moreover, Aragon Research predicts 65% of the conference rooms to be video-enabled by 2022.
LogMeIn’s UCC portfolio boasts around 28 million users per month and about 20 billion voice minutes a year.
Additionally, the recent 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, this buyout is assisting LogMeIn to penetrate the business telephony market.
The company believes that the addition of GoToConnect and GoToRoom products to its UCC portfolio will help improve its performance in the second half of the year as well as sequentially. The UCC business dipped 2% on a year-over-year basis in the last reported quarter.
Improvement in product quality and performance, multiple product launches and ramping up marketing efforts to support the company’s new GoTo brand is a positive for this segment.
Zacks Rank & Other Stocks to Consider
LogMeIn currently sports a Zacks Rank #1 (Strong Buy). A few other top-ranked stocks in the broader technology sector are Anixter International (AXE - Free Report) , Chegg (CHGG - Free Report) and Perficient (PRFT - Free Report) , each flaunting the same solid Zacks Rank as LogMeIn. You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for Anixter, Chegg and Perficient is currently projected to be 8%, 30% and 10.8%, respectively.
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