LogMeIn, a password management giant player has recently announced that it intends to buy the password management micro company LastPass. This comes after the last wave of increasing cyber-attacks and breaches in personal data. LogMeIn pays a whopping $125 million for LastPass license and the deal is expected to be closed in just a matter of weeks.
For the record, LastPass, formerly a branch of Marvasol Inc., produces very popular remote access applications that compete with huge names on the tech market such as Dashlane, Keepr, StickyPassword, LogmeOnce, 1Password, KeePass and Password Safe. The reason why LastPass applications are so popular is because they have a unique way of keeping safe all of your passwords and personal information.
You can install LastPass on virtually any mobile devices or computers and it can easily integrate with any browser interface. When you feed the master password to the application, it will automatically fill in the other password fields opened in other sites.
Joe Siegrist, cofounder and CEO for LastPass stated that he is looking forward to this fusion and that he is confident that the newly formed tag-team will be able to create a more safe and reliable application for storing and managing passwords.
As stated before, LogMeIn is best known for its remote access applications. These come in all varieties, ranging from the basic free pack, which any user can download from their site, to the premium and business packages, suitable for individuals and business.
As a show of force, last year LogMeIn bought another password managing company called Meldium. This company developed products for password management in small or large teams.
For its newest acquisition, LogMeIn must issue upfront a payment of $110 million, followed by another $15 million in the next two years, depending on retention and other financial markers.
LogMeIn seems to have made a fine addition to its portfolio when we take a look at LastPass’ state-of-the-art improvements in the area of cyber security. Apart from the master password option, users are able to store more complex passwords. LastPass comes equipped with a nifty password generator, which has the ability to further strengthen the user’s passwords.
Taking a look at the numbers we can clearly see that LastPass is becoming very popular among online users. Statistics show that, as of last year, about 7 million people chose to download the free version, 500,000 went ahead and bought the premium feature and about 15.000 companies bought the enterprise edition.
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