LastPass Password Manager Acquired By LogMeIn

LastPass, the popular password management app available on just about every platform, was acquired by the remote computer access service LogMeIn, the two companies have announced. The deal was made with a purchase price of $125 million, and is said to close in the coming weeks. LogMeIn has already stated that there's no immediate plans to change LastPass as it works today, as the brand and app service will remain.

LogMeIn says that once the acquisition is complete, it plans to merge LastPass with some of the features from Meldium, another password-management company that was bought last year. Eventually both will be combined in full under the LastPass name.

With its millions of users, LastPass has had an eventful year, getting hacked in June with some email addresses and hashed passwords getting stolen. Later in the summer, the company made its apps free to use on smartphones, and instead charging once users want to be able to sync between the desktop or other devices.

From the sounds of it, it seems like the acquisition will be beneficial for LogMeIn's business clients, giving employees more options when it comes to managing security credentials. LogMeIn said it's looking to follow the current trend of Bring Your Own App (BYOA) among companies, which sees apps that employees favor gain use over recommendations from IT administrators.

SOURCE LogMeIn