Lifesize has completed its spinout from Logitech and is now a completely independent business operating as a high growth leader in a $7 billion market.
Source: Independent Again
Full text below…
It’s been an exciting start to 2016.
On December 28, 2015, we completed our spinout from Logitech and are now a completely independent legal and operating business, distinct from our previous corporate parent. This is the culmination of two years of hard work reimagining and reinventing our business and nearly a year of working through the transaction.
Two of them were investors at the birth of Lifesize in 2003. Jeff Brody at Redpoint invested in my first video company, ViaVideo, in 1996, which was later acquired by Polycom. They know our team, they know our market and they see great promise in the explosively growing Cloud service delivery model for video communications. Additionally, because of their experience in our space, they understand the unique, compelling and defensible value proposition we offer by deeply integrating our Cloud service with our award-winning camera systems and HD phones.
Logitech, our new investors and Lifesize worked closely together throughout the summer and fall to craft a deal that worked for all parties. Lifesize receives $17.5 million of equity capital for growth; Logitech retains a meaningful, though nonoperational, ownership stake in our future success; and our new VC investors hold significant ownership and board seats in a high growth leader in a $7 billion market. It’s a win-win-win.
We are particularly enthusiastic about the deep operational and governance expertise that Meritech, Sutter Hill and Redpoint bring to the table. They’ve been a part of some of the best stories in SaaS, including leaders like Box, Zendesk and Twilio. We are very excited about the opportunity for them to help us accelerate our growth not only through their capital injection but also through their knowledge and network of experts.
We are grateful to Logitech—particularly Chairman Guerrino De Luca, who supported our turnaround—and to our new investors who have entrusted us with their precious capital.
Finally and most importantly, I am particularly grateful to all the Lifesizers, channel partners and customers around the world who have supported us throughout this journey.
And, we are just getting started.