The LogMeIn company has purchased password manager company LastPass for a whopping $125 million. The company plans to merge its acquired LastPass with Meldium.
LogMeIn Purchases LastPass for $125 Million
According to a blog post by LastPass, the popular remote access software maker known as LogMeIn has just acquired the popular password manager known as LastPass for a whopping $125 million.
The new deal aims to help bolster LogMeIn's current position in the identity and access management, or IAM market.
This would also help grow the popular LastPass brand.
LogMeIn noted that the deal will help introduce a number of new ways for certain individuals and businesses to get secure access to particularly sensitive information.
LogMeIn on Passwords
According to the story by PCMag, LogMeIn reportedly pointed to stats that noted 80% of cloud applications, as well as services, contain sensitive, regulated, or even confidential data.
About 64% of all internet users, meanwhile, still use the exact same passwords for most or maybe even all of the other websites.
LastPass chief Joe Siegrist noted that LogMeIn and LastPass share a common vision on being able to reshape identity and access management in a lot of ways.
These ways are expected to not only increase total productivity but would also improve security for certain individuals and companies alike.
LastPass to Merge with Meldium Under LogMeIn
The free, premium, as well as enterprise LastPass customers should only notice just a little change.
Eventually, LogMeIn would want to merge LastPass with Meldium, which was previously acquired in 2020. Cookies might not hack users, unless users accept a bad cookie, but they can leech information from users that they might not want to share.
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Siegrist noted that the company will become part of the whole LogMeIn family over the course of the next several months. They will reportedly be releasing updated LastPass while also introducing new features, as well as continuing to grow the whole service as they work to help be able to bring LastPass to millions more who reportedly struggle with passwords.
LastPass Password Management
Over the course of the summer, LastPass was reportedly attacked and some of its data items were actually stolen. However, there was really no evidence that the invaders were able to download any encrypted user data or managed to access any particular accounts.
Still, the users were urged to change all of their master passwords immediately.
It was noted that LastPass has grown by leaps and bounds, which will help millions of consumers, as well as tens of thousands of businesses around the world when it comes to password management.
The company noted that they are already very proud of their team's accomplishments and that they are grateful to all of the users that have supported them throughout their journey.
LastPass further said that they are as committed as ever to providing its users with a secure and easy-to-use password manager.
Creating strong passwords is also one way that users can protect their identity, here's how.
This article is owned by Tech Times
Written by Urian B.