January 27, 2022

LogMeIn to spin out password administration software LastPass

What simply occurred? LastPass father or mother firm LogMeIn has revealed plans to spin off the password supervisor as an impartial cloud safety firm, citing an uptick in new accounts created for the reason that pandemic as one in every of a number of motivators for the transfer.

LogMeIn bought LastPass for $110 million in money again in 2015, with a further $15 million payable over a two-year interval after the deal closed contingent upon the corporate reaching sure milestone and retention targets. In the present day, LastPass is utilized by greater than 30 million individuals and 85,000 companies around the globe.

In its 2021 psychology of passwords report, the corporate discovered that 91 % of respondents have created a minimum of one new account this yr. Moreover, 9 out of 10 stated they’ve as many as 50 or extra on-line accounts / utility credentials to handle.

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Given the continued prioritization of password safety, LogMeIn believes LastPass is destined for sustained progress. That’ll be very true as a standalone enterprise, as LastPass will be capable of additional give attention to options like multi-factor authentication and single sign-on. Customers can count on to see new and improved options reminiscent of quicker save and fill, a greater cell expertise and extra third-party integrations roll out on an accelerated timeline.

LogMeIn did not say when it anticipated the spinoff to be full, however promised that there can be no fast modifications to buyer accounts.

Picture credit score George Becker

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