The security gold rush continued Friday with news that LogMeIn is buying LastPass, a specialist in password management and single-sign on capabilities, for $110 million in cash, and another $15 million depending on the company meeting certain targets.
Boston-based LogMeIn (LOGM) which offers remote management and web conferencing software, said it will bring LastPass into its existing identity management portfolio, which already includes Meldium, a single-sign on and password management company it acquired last year. It will keep both LastPass and Meldium products going “in the near-term.”
In a statement, LogMeIn chief executive officer Michael Simon said LastPass has “millions of loyal users, and thousands of great business customers.”
Given the pain most people have managing multiple passwords to all sorts of accounts—from Facebook to Gmail to their bank accounts—the need for a secure way to manage those entry points is critical. By storing login information, password management tools alleviate the need for users to remember dozens of credentials.
Over the summer, LastPass suffered a security breach and urged its users to change their master passwords for the service. LogMeIn president Bill Wagner told FierceIT that it had little impact on the health of the company and that LogMeIn, LastPass, and partners are working to understand what happened and prevent a recurrence.
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