Remote working SaaS company LogMeIn will acquire password management service provider LastPass for $125 million to bolster its position in identity and access management.
LogMeIn already has a strong position in cloud-based remote login and LastPass is best known as a password manager with an emphasis on enterprise, so it’s easy to see how the two product portfolios complement each other. The combined companies will be in a position to offer a wide range of remote access tools and services.
“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. “We believe this transaction instantly gives us a market leading position in password management, while also providing a highly favourable foundation for delivering the next generation of identity and access management solutions to individuals, teams and companies.”
“LogMeIn and LastPass share a great common vision on reshaping identity and access management in ways that not only increase productivity but also improve security for individuals and companies, alike,” said Joe Siegrist, CEO of LastPass. “The striking commonality between our businesses, our products, and cultural DNA make this a great fit for both teams, and we believe a great win for our customers.”
In the rationale behind the move there was much talk of BYOA (bring your own app), which LogMeIn has identified as a key trend. Essentially this means remote workers using whatever tools they see fit and IT managers having to work out how to accommodate them – much as has happened with BYOD (bring your own device). LogMeIn’s strategy is to be the default BYOA enabler.