The IoT division of LogMeIn, Inc., Xively will be acquired by Google

The biggest company on earth right now, Google has revealed it will buy Xively, Internet of Things enterprise from LogMeIn for $50 Million.

The tech giant wants to raise the Google cloud platform to an established IoT platform, in the process making Alphabet's efforts stronger to take on competitors like Amazon and Microsoft in the public cloud business.

In 2014, LogMeIn had acquired Xively for $12 million and the company said in a blog post that Google will get 45 employees from the acquisition.

LogMeIn has confirmed that it will exit the IoT platform. "So the obvious question is, does this mean LogMeIn is exiting the IoT? Well, if you mean the IoT connectivity platform space, yes, we're leaving it. We believe that Google Cloud, now armed with Xively's team and great technology - and backed by their platform and developer heritage and reach - are a far better fit for the future of platform leadership," LogMeIn wrote.

Talking about the acquisition, Google stated in a blog post that "With the addition of Xively's robust, enterprise-ready IoT platform, we can accelerate our customers' timeline from IoT vision to product, as they look to build their connected business.”

"Through this acquisition, Cloud IoT Core will gain deep IoT technology and engineering expertise, including Xively's advanced device management, messaging, and dashboard capabilities," Antony Passemard, head of product management for IoT and Pub/Sub at Google Cloud, added in the post.