Password managers are an essential tool for those of us that juggle dozens of different accounts across various services and websites, and want to remain secure without sacrificing convenience. LastPass is by far the most popular password manager out there, and it’s the one that I use myself, which is why it’s interesting to heat that remote access software maker LogMeIn will be acquiring the company for $110 million in cash within a couple of weeks.
With an increasing number of data breaches putting users’ personal information at risk, a company that helps online users better manage their account information with various websites and services, as well as help customers run security checks on their accounts, seems like it would have the potential for serious growth. That’s what remote access software maker LogMeIn is hoping, as the company announced this morning that it has acquired the password management software maker LastPass for $110 million in cash. In addition, another $15 million in cash is available in contingent payments if LastPass meets certain milestone and retention targets over the two years following the deal’s close, LogMeIn also noted. The deal is expected to close in the weeks ahead. LastPass, a competitor with Dashlane, 1Password, and others, offered a suite of tools to help users stay safe online. Its core product is a password management software application that helps you create strong, secure passwords for the websites you visit as well as keep other private information in “secure notes.” A native desktop application for OS X, released earlier this year, introduced a “Security Check” tool that let users quickly scan all their passwords to see if they were secured properly.