- IT management and remote control software provider LogMeIn said it will acquire password management service LastPass, Information Week reported.
- LogMeIn said it hopes the acquisition will bolster its position in the identity and access-management market for both the consumer market as well as the enterprise space.
- LastPass lets users choose a single master password and then store all other encrypted passwords in the cloud.
The purchase of LastPass, which allows other passwords to be accessed instantly as needed by the master password, will allow LogMeIn to further improve its security offerings, such as App Guru, a service to help enterprises manage employee access to cloud applications.
"We believe 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 LogMeIn CEO Michael Simon.
LogMeIn said it will pay $110 million for the company.
Today’s cybercriminals have numerous ways to discover login and password information fairly easily, and the typical employee tends to re-use passwords or make them too easy to guess. According to LogMeIn's research, 80% of cloud applications and services contain sensitive regulated or company confidential data, making the process of improving data protection ever more critical.
LogMeIn said the LastPass service and brand will continue as a standalone offering.