According to a report by VentureBeat, the Toronto-based TunnelBear virtual private network (VPN) service provider has been acquired by American security software company McAfee for an undisclosed amount.
TunnelBear, which was founded in 2011, has gained a solid reputation for its fun, cross-platform VPN app over the years. The company, which branched out into password management with the launch of a standalone RememBear app, claims that over 20 million users around the globe have taken advantage of its service across various platforms.
“TunnelBear has built an engaging and profitable direct-to-consumer brand, and we’re confident this acquisition will serve both our end users and partners by embedding its best-in-class, hardened network into our Safe Connect product,” said McAfee CEO Christopher Young, in a press release. “This investment is strategic for McAfee’s consumer business as it further showcases our commitment to help keep our customers’ online data and browsing private and more secure at a time when the threat landscape is growing in volume, speed, and complexity.”
While McAfee already offers a VPN service named Safe Connect, VentureBeat has confirmed that the company plans to keep the TunnelBear brand and standalone apps alive instead of merging with its existing service. “TunnelBear will continue to develop the products our customers have come to love, now with the backing and resources of a leading cybersecurity company,” said TunnelBear cofounder Ryan Dochuk.