Remote connectivity company
LogMeIn, Inc. (LogMeIn) has announced plans to acquire password management service Marvasol, Inc., otherwise known as ‘LastPass’. LogMeIn, which was established in 2003, has headquarters in Boston, Massachusetts, USA. The company is a provider of Software-as-a-Service (SaaS) and cloud-based remote connectivity services for IT management, customer engagement, and collaboration. The deal accelerates LogMeIn’s “key strategic growth initiatives” and enhances the company’s position in the Identity and Access Management (IAM) arena. The deal is reported going to cost $110 million and will be finalized shortly.
LastPass provides “Single-Sign-On” (SSO) and password management services alongside auto form filler and random password generation services alongside digital wallet applications. The company caters to “millions” of fee paying users. It operates in a growing market that is being driven by the increase in Bring-Your-Own-App (BYOA) requirements within the workplace, and the need for access control that manages a geographically diverse workforce. LogMeIn’s acquisition of LastPass will see the company build on capabilities bolstered by its acquisition of Meldium last month. The company intends to maintain both brands for the foreseeable future, but has a view to merging them into its own brand.
“LastPass has a great business, a beloved and award winning product, millions of loyal users, and thousands of great business customers – they are synonymous with the category,” explained the CEO and Chairman of LogMeIn, Michael Simon. “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.”
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