What simply occurred? LastPass guardian firm LogMeIn has revealed plans to spin off the password supervisor as an impartial cloud safety firm, citing an uptick in new accounts created for the reason that pandemic as one among a number of motivators for the transfer.
LogMeIn purchased LastPass for $110 million in money again in 2015, with a further $15 million payable over a two-year interval after the deal closed contingent upon the corporate reaching sure milestone and retention targets. Today, LastPass is utilized by greater than 30 million individuals and 85,000 companies across the world.
In its 2021 psychology of passwords report, the corporate discovered that 91 % of respondents have created at the least one new account this 12 months. Furthermore, 9 out of 10 stated they’ve as many as 50 or extra on-line accounts / software credentials to handle.
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Given the continued prioritization of password safety, LogMeIn believes LastPass is destined for sustained development. That’ll be very true as a standalone enterprise, as LastPass will be capable of additional give attention to options like multi-factor authentication and single sign-on. Users can anticipate to see new and improved options reminiscent of quicker save and fill, a greater cellular expertise and extra third-party integrations roll out on an accelerated timeline.
LogMeIn did not say when it anticipated the spinoff to be full, however promised that there will likely be no quick modifications to buyer accounts.
Image credit score George Becker