Francesco Partners is best known for its majority stake in the controversial Israeli spyware developer NSO Group up to February 2019 but also holds a sprawling portfolio of software businesses. Elliott is better known as one of the world’s most powerful activist investors but has since 2015 made tech-focused buyouts via its Silicon Valley offshoot Evergreen Coast Capital. The integration with Google Workspace comes months after LogMeIn, LastPass parent company, announced that users on the services free tier would no longer. LastPass was acquired by LogMeIn for $110 million in October 2015, and the private equity arm of Paul Singer’s hedge fund and Francesco Partners offered LogMeIn shareholders a $4.3 billion cash deal to take the software group private. “We still have tens of millions of free users and I don’t expect we will move away from having a free product.” “Our test was what impact would this have on retention rates and of course we saw some people leave LastPass and go to competitors but more than we expected converted to a premium customer,” says Wagner.
Wagner says LastPass has grown over 50% on average over the last three years and, while acknowledging the backlash from limiting access to free users, claimed that customer reviews had since rebounded.
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