LogMeIn was bought a few years ago by a private equity company. The standard PE playbook is to buy things that are popular and stable but maybe not growing like this and then milk them for all they can, particularly in things that are hard to move away from (see Travis CI).
I knew that LogMeIn had acquired LastPass, but I didn't know that private equity had gobbled up LogMeIn (which used to be publicly traded on the stock market).
Apparently the private equity deal was only finalized in August of last year, see:
