Post-split from Logitech, Lifesize focusses on Cloud-based services
Lifesize has formally announced that it has split from Logitech and become a separate entity. The company has received a fund of $17.5 million from three prominent Silicon Valley venture firms – Redpoint Ventures, Sutter Hill Ventures and Meritech Capital Partners. Now the company is focussing on gaining new customers as a cloud-based video collaboration and meeting platform company, and also tackling the $7 billion global conferencing market head-on. Logitech will continue to retain 30% stake in the company.
“We will continue to build our focus on Lifesize Cloud, which runs on IBM Softlayer architecture. The demand for video conferencing is further going to be driven by video calling apps. As a matter of fact, license revenues are expected to decline 10% while the subscription-based model will be seen doubling in the next 2 years,” says Gagan Verma, Regional Director, Lifesize India & SAARC...Read more
