LogMeIn has announced the acquisition of password management software maker LastPass. The deal is set to go down for an amount of $110 million in cash. The kind of one and a half years that we have had in the recent past, it seems like remote desktop service provider, LogMeIn is just trying to make its grounds solid.
With the number of data breaches that we have had in the recent past, LogMeIn would certainly look forward to provide better security features to its users.
The $110 million deal between LogMeIn and Last Pass is one of the many deals that have gone down this year. The deal also includes another set of $15 million in case if LastPass holds on to its users in the next 2 years after the deal goes through. According to the reports, the deal between LogMeIn and Last Pass is all set to go through in the coming weeks.
LastPass offers a wide range of protection systems for its users. It provides a suite of tools that help the users to stay safe while they are surfing the internet online. In addition, LastPass allows you to create strong passwords for your user ids over the websites that you surf. It also provides a feature that allows you to scan all the passwords properly, to see if they are secured or not. LastPass also provides security extensions for web browsers and even has a dedicated application for smartphones.
Michael Simon, LogMeIn’s Chairman and CEO, said in a statement:
“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. 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.”
According to the statement released by LogMeIn, they have always been interesting in the security firm as they have a strong belief that acquisition of LastPass would provide LogMeIn a solid base to move deep into its services. It is also expected that LastPass will be integrated with Meldium, LogMeIn’s Identity management part.