Remote access software maker LogMeIn has acquired popular password manager LastPass for $125 million.
The deal aims to bolster LogMeIn's position in the identity and access management (IAM) market, and help grow the LastPass brand.
LogMeIn said the deal will help introduce new ways for individuals and businesses to provide secure access to sensitive information.
LogMeIn pointed to stats that said 80 percent of cloud applications and services contain sensitive, regulated, or confidential data. About 64 percent of Internet users, meanwhile, use the same passwords for most or all websites.
"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," LastPass chief Joe Siegrist said.
Free, Premium, and Enterprise LastPass customers should notice little change. Eventually, LogMeIn wants to merge LastPass with Meldium, which it acquired last year.
"As we become part of the LogMeIn family over the next several months, we'll be releasing updated LastPass, introducing new features, and continuing to grow the service as we work to bring LastPass to millions more who struggle with passwords," Siegrist said.
Over the summer, LastPass was attacked and some of its data items stolen, though there was no evidence that the invaders downloaded any encrypted user data or managed to access any accounts. Still, users were urged to change their master password immediately.
For more, see PCMag's review of LastPass 3.0 and LastPass 3.0 Premium.