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Hungary/US - 3TS reaps 8.5x in CEE's largest tech IPO

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Dedicated CEE investor 3TS Capital Partners has sold its shares in US/Hungarian remote-services technology business LogMeIn, generating a money multiple of 8.5x. The business, set up in Hungary and moved to the US, floated on Nasdaq at a market capitalisation of USD 342m earlier this month, reported by unquote" on 2 July. The flotation is believed to be the largest ever of a CEE-founded technology business. The IPO generated an exit for backers Prism VentureWorks, Polaris Venture Partners, 3TS, Integral Capital Partners and Intel Capital.

The company's stock rose 25% on the first day of trading to USD 20.48 per share, allowing LogMeIn to raise USD 107m in what marks one of the only tech IPOs this year. The company initially filed for flotation in early 2008, and finally listed on 1 July at USD 16 per share, the top of its indicative range. The company floated 6.67 million shares.

LogMeIn was founded in 2003 as 3am Labs and has raised around USD 30m since its first round of funding in 2004. At that time, dedicated CEE investor 3TS became LogMeIn's first institutional investor, with Polaris and Prism coming on board within a year to move the company's headquarters from Budapest to Massachusetts in the US.

JP Morgan and Barclays Capital led the flotation.

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