LastPass Has Been Acquired by LogMeIn
About LastPass
- LastPass provides popular single-sign-on (SSO), password management, bookmark sync and search enhancement to over 7 million users, including half a million paid users through a “freemium” model
- A leading provider in the Identity and Access Management (IAM) market, LastPass offers solutions for both enterprise users and consumers; its award-winning product line secures sensitive information and makes going online easier and safer, supporting all browsers, operating systems and mobile devices
- LastPass has been consistently growing and profitable from inception, was founder funded and did not take outside capital
- The Company was founded in 2008 and is headquartered in Fairfax, VA
About LogMeIn
- LogMeIn, Inc. (Nasdaq:LOGM) is a leading provider of cloud-based and remote-access solutions that enable millions of users to connect and engage with their workplace, colleagues, customers and products anywhere and anytime
- LogMeIn offers a broad suite of applications, including collaboration, IT management, customer engagement and customer support services across several branded products, including Join.me, Hamachi, Cubby, BoldChat and others
- The Company was founded in 2003 and is headquartered in Boston with additional offices in Bangalore, Budapest, Dublin, London, San Francisco and Sydney
“
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. We believe this transaction instantly gives us a market leading position in password management, while also providing a highly favorable foundation for delivering the next generation of identity and access management solutions to individuals, teams and companies.
Michael Simon
Chairman and CEO, LogMeIn
“
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. 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.
Joe Siegrist
CEO of LastPass
Transaction Notes
- LogMeIn has paid $125 million to acquire the business, which includes $15 million of contingent payments payable upon the achievement of certain milestone and retention targets
- LogMeIn plans to bring complementary capabilities of its early identity management investments, including those from the acquisition of Meldium (September 2014), under the LastPass brand
- Shea & Company served as the exclusive financial advisor to LastPass and has been a LastPass customer since 2010