FREMONT, CA: After witnessing a wave of increasing cyber-attacks and infringes in personal data, LogMeIn, provider of software as a service and cloud-based remote connectivity services, is planning to acquire LastPass- a password vault that stores an encrypted version of its customers’ passwords in the cloud and grants them the means to access and unlock with a single password.
Already having a strong position in cloud-based remote login, LogMeIn has planned this acquisition to strengthen its position in identity and access management. Also, the acquirement will help both the companies to offer a wide range of remote access tools and services.
“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,” quotes Michael Simon, CEO and Chairman of LogMeIn.
Apart from all these, LogMeIn is also planning to bring the capabilities of Meldium- a team password management app, which automatically logs users into their favorite apps and web sites without typing usernames and passwords, into LastPass. In addition, the company has identified its key trend in BYOA (Bring your own App) and has plans to become the default BYOA enabler.