LogMeIn has announced this morning that it has acquired the password management software maker LastPass for $110 million in cash, saying that the acquisition provides the company with access to resources that will enable it to “innovate faster”. Furthermore, another $15 million in cash is available in contingent payments if LastPass meets certain milestone and retention targets over the two years following the deal’s close. The company said the deal is “expected to close in the coming weeks” (via Re/Code).
It’s a big day here at LastPass. We’re thrilled to announce that we’re joining LogMeIn. As one of the world’s leading SaaS companies, we can’t imagine a better team to align with our values and product-driven mission. With their experience in growing successful brands like join.me, we’re excited to join LogMeIn in delivering the next generation of identity and access management for individuals, teams and companies, with LastPass at the forefront.
What does this mean for you as a LastPass user? Great things! We will continue to build and improve LastPass for our free, Premium, and Enterprise customers. Together with LogMeIn, we’ll be able to accomplish more, faster – providing an even better service to millions of people.
According to the official blog post, LogMeIn plans to merge LastPass with another password-management company, Meldium, which was acquired last year by LogMeIn. Both password managers are eventually expected to go under the LastPass brand.