Sets sights on transforming gas pumps into industry’s first IoT-connected transaction stations
BOSTON, May 29, 2014 – LogMeIn, Inc. (NASDAQ:LOGM) today announced that it has been selected by Verdeva, a vehicle/driver information services innovator, to help the company realize its vision for turning gas pumps into Internet-connected transaction stations. Verdeva’s Efficient Vehicle Assessor (EVA) is designed to make it easy for insurers to implement lower-cost mileage-based policies, for consumers to pay motor vehicles fees, and for fuel retailers to gain new revenue streams.
“LogMeIn is enabling us to dramatically simplify development of our connected gas pump and fulfill a ‘go-big, go-wide’ deployment strategy in an accelerated timeframe,” said Kevin Condon, CEO, Verdeva. “With LogMeIn’s IoT expertise and business-focused approach, the Xively platform’s strong development and device management capabilities, and out-of-the-box Salesforce.com Service Cloud integration, we’ll be in a great position to bring a compelling solution to market quickly.”
“Visionary startups like Verdeva see the IoT as a means of disruption and opportunity, and like most IoT pioneers, they’re looking to quickly parlay the learnings from early rollouts into transformative commercial offerings. We’re delighted to partner with them to help accelerate this time to value,” said Chad Jones, VP, Internet of Things Strategy, LogMeIn. “Verdeva exemplifies what is possible when you take a business-first approach to the IoT—defining your macro drivers and objectives, and then designing and building a connected solution that enables you to realize those benefits in the shortest-possible time.”
As part of the initiative, Verdeva will be leveraging LogMeIn’s Xively IoT platform, a Platform-as-a-Service (PaaS) designed to help companies accelerate IoT initiatives. The company will also tap into the expertise of Xively Professional Services, a team of experienced IoT service providers that can help companies combine revolutionary cloud-connected devices, elegant mobile and web apps, and comprehensive CRM/ERP systems into fully-integrated IoT solutions. The Xively IoT platform is built on LogMeIn’s proven, highly-scalable Gravity cloud infrastructure — which supports millions of secure connections between people, devices and data across the globe.
By using Xively, Verdeva expects to accelerate time-to-market of its Internet-connected gas pump solution by six months and realize the following benefits:
Xively’s Salesforce integration will enable EVA devices to self-report and automatically trigger tickets that specify problems.
According to Condon, insurance companies are trying to sell usage-based policies by putting tracking devices in cars but consumers, who favor this type of insurance, are balking at the intrusion, and the standards and cost issues inherent in connected cars are making this difficult to implement. Verdeva eliminates these barriers and uses existing RFID technology at a fraction of the cost of on-board devices.
Verdeva expects to create new revenue channels for its partners via extremely simple transactions that haven’t been possible previously. For instance, consumers can be prompted to pay DMV fees from the convenience of their car, governments can collect that revenue in an automated way, and fuel retailers can get a cut of every transaction, potentially increasing their profit margins by 70 percent or more.
Knowing which car and driver are involved in each transaction creates a detailed consumer profile that has significant value for retailers and insurance providers who can deliver highly targeted advertising, and for government agencies that can use that information to improve transportation policies.
About LogMeIn, Inc.
LogMeIn (NASDAQ:LOGM) transforms the way people work and live through secure connections to the computers, devices, data, and people that make up their digital world. The company’s cloud services free millions of people to work from anywhere, empower IT professionals to securely embrace the modern cloud-centric workplace, give companies new ways to reach and support today’s connected customer, and help businesses bring the next generation of connected products to market.
LogMeIn is headquartered in Boston’s Innovation District with offices in Australia, Hungary, India, Ireland, and the UK.
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LogMeIn is a trademark of LogMeIn in the U.S. and other countries.
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