LogMeIn bought LastPass Password Manager for $ 125 million

The new deal aims to strengthen LogMeIn’s current position in the identity and access management, i.e. IAM market.

Hungarian-based LogMeIn has acquired LastPass, a $ 125 million password management company, which it intends to merge with Meldium, which specializes in single sign-on and other identity management services. The new deal aims to strengthen LogMeIn’s current position in the identity and access management, i.e. IAM market. It would also help grow the popular LastPass brand.

LogMeIn noted that the transaction will help introduce a number of new ways for some individuals and businesses to gain secure access to particularly sensitive information. According to a PCMag article , LogMeIn allegedly relied on statistics that showed that 80 percent of cloud applications as well as services contained sensitive, regulated, or even confidential data. Meanwhile, about 64 percent of Internet users still use the exact same passwords for most, or perhaps all, other websites.

LastPass CEO Joe Siegrist noted that LogMeIn and LastPass share a common vision that they will be able to transform identity and access management in many ways. These modes are expected to not only increase overall productivity, but also improve security for both individuals and companies.

Free, premium, and corporate LastPass customers will experience only a small change. LogMeIn wants to merge LastPass with the previously acquired Meldium. Siegrist said the company will become a full member of the LogMeIn family in the coming months. An updated LastPass will be released as new features are introduced, as well as further expansion of the entire service as they work to help get LastPass to millions more people struggling with passwords.

During the summer, LastPass was allegedly attacked and some of its data elements were indeed stolen. However, there was not really evidence that the attackers were able to download any encrypted user data or access any specific account. Nevertheless, users were prompted to change all their master passwords immediately.