LogMeIn To Acquire Popular Password Manager LastPass
LogMeIn today said it has agreed to acquire LastPass, the popular password management service, for $110 million furthering the company's push into identity and access management (IAM).
By acquiring LastPass, LogMeIn believes it could help its customers address the common problem of employees using the same password for every application they access. LastPass provides single sign-on access with the ability to generate complex and encrypted passwords to each system accessed. LogMein said that 64 percent of Internet users use the same passwords for every application and service they access.
"This transaction instantly gives us a market leading position in password management, while also providing a highly favorable foundation for delivering the next generation of identity and access management solutions to individuals, teams and companies," said Michael Simon, LogMeIn's Chairman and CEO, in a prepared statement.
LogMeIn acquired another IAM provider last year, Meldium, and the company plans to offer both for now, though long-term plans call for developing a common single sign-on service based on LastPass.
Posted by Jeffrey Schwartz on 10/09/2015 at 12:01 PM