Google has entered into an agreement to acquire Xively, the Internet of Things (IoT) business unit of LogMeIn. The sticker price of the deal is $50 million. Some 45 Xively employees are expected to join Google as part of the acquisition.

In a blog post, LogMeIn said that the company is exiting the IoT space.
The acquisition is subject to customary closing conditions.

[Image courtesy: Xively]