“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,” said Michael Simon, LogMeIn’s Chairman and CEO. The LastPass acquisition is expected to play a key role in this effort, is highly complementary to LogMeIn’s existing identity portfolio, and offers a natural extension to LogMeIn’s leadership position in the access market.
LogMeIn is building a product and go-to-market strategy that embraces this BYOA reality and introduces new ways to help individuals and businesses secure access to sensitive information. 2 Meanwhile, approximately two-thirds (64 percent) of internet users use the same passwords for most or all websites. 1 This is especially relevant to IT professionals and businesses since eighty (80) percent of cloud applications and services contain sensitive regulated or company confidential data. The future identity market is being shaped by realities that come from end-user driven adoption of cloud, web and mobile apps – the bring-your-own-app (BYOA) trend – and increasingly decentralised approaches to managing identity in the workplace. Seventy (70) percent of companies report using employee-introduced applications (as opposed to IT introduced and company procured applications) in the workplace.
The deal is expected to close in the coming weeks. A high growth business with millions of loyal users and an award winning product line, LastPass will immediately bolster LogMeIn’s position in the multi-billion dollar identity and access management (IAM) market, while accelerating one of the company’s key strategic growth initiatives.
LogMeIn, Inc. has announced that it has agreed to acquire LastPass (incorporated as Marvasol, Inc.), the popular single-sign-on (SSO) and password management service.
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