When the SSL Heartbleed bug hit many people flocked to password managers in order to avoid the use of a single password across sites. One of the most popular of these services is LastPass and today the company has announced that they’re being acquired by remote connectivity software company LogMeIn in a deal worth over $110 million.
The payment of $110 million cash payment made for the company will be boosted by $15 million ‘upon the achievement of certain milestone’ payable to ‘equity holders and key employees of LastPass’, potentially making the sale worth a total of $125 million US.
Both companies have made the announcement on their respective blogs, with LogMeIn’s Chairman and CEO, Michael Simon, citing the position LastPass holds as a beloved service with an award winning product which will instantly give them a ‘market leading position in password management’ as a reason behind the acquisition.
LogMeIn has great plans for LastPass, though in the short term it appears that it will be business as usual. LastPass addressed the future for users on their blog, saying:
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. As we become part of the LogMeIn family over the next several months, we’ll be releasing updates to LastPass, introducing new features, and continuing to grow the service as we work to bring LastPass to millions more who struggle with passwords.
In the long term LogMeIn sees the deal as a way to merge their Team password manager, Meldium with LastPass in a ‘single identity management offering based on the LastPass service and brand’.
We’ll have to wait and see what happens with LastPass at a consumer level on a long term basis, but For now, it’s business as usual.