A high growth business with millions of loyal users and an award winning product line, LastPass will immediately bolster LogMeIn’s position in the multi-billion dollar identity and access management (IAM) market, while accelerating one of the company’s key strategic growth initiatives.
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Once the merger is finished, LogMeIn said it hopes to bring abilities of its initial character management ventures, including those of kindred personality management administration Meldum-which LogMeIn acquired a year ago-to LastPass. Third party passwords were not affected. This has made a fair number of potential customers leery of services like LogMeIn, that require the user to hand over personal information.
LogMeIn, a provider of cloud-based IT access and management tools, has acquired cloud-based password manager service LastPass. “With their experience in growing successful brands like join.me, we’re excited to join LogMeIn in delivering the next generation of identity and access management for individuals, teams and companies, with LastPass at the forefront”, says Joe Siegrist, CEO of Lastpass. In the five years it has been in business, LastPass has built a solid customer base and a good reputation for security concerns. If you’re not familiar with either one of the companies, LastPass is a service that allows its users to automatically login into any site by using a browser extension to fill out login forms.
Last summer LastPass’s password management service, dubbed a favorite in many online circles, was hacked and users were urged to change their passwords.
Password manager service LastPass has been snapped-up by LogMeIN for $125 million.
LogMeIn offers a suite of familiar tools for IT departments, including remote control software that lets technicians access the client computers of remote users. With the LastPass purchase and the earlier Meldium deal, LogMeIn is clearly focusing on an area organizations are now struggling with. About 7 million people use the free version of LastPass, while about 500,000 have bought the premium.
The password management company became a hugely popular option soon after its launch in 2008.
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Unfortunately, not everyone is happy about the deal, and a few users complained on a LastPass blog post confirming the buyout that the company is “selling out” to big business. LogMeIn stands to benefit because recent data compromises that have been making headlines for a variety of companies and services.
