Remote access specialist LogMeIn acquires password management service LastPass for $110 million

By Shawn Knight
Oct 9, 2015
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  1. Remote access specialist LogMeIn announced today that it has acquired password management software maker LastPass for $110 million in cash. An additional $15 million in cash will be available to equity holders and certain LastPass employees contingent upon it meeting certain performance goals in the two-year period following the deal’s close.

    A little over a year ago, LogMeIn purchased identity management specialist Meldium for $15 million. The company said that in the near-term, both Meldium and LastPass product lines will continue to be supported. Its long-term plan, however, is to create a single identity management offering based on the LastPass brand.

    LogMeIn Chairman and CEO Michael Simon said they believe the transaction instantly gives them 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.

    LastPass launched in 2008 as a freemium password manager. The idea is that instead of having to remember a myriad of passwords, customers can use LastPass to auto-fill login credentials whenever they visit a site that requires authorization.

    Credentials stored with LastPass are encrypted and protected by a master password. The company launched an auto-password change function for beta users late last year and over the summer, extended its service to mobile devices free of charge.

    LogMeIn said the deal is expected to close in the coming weeks.

    Permalink to story.

  2. mrtraver

    mrtraver TS Guru Posts: 337   +43

    I used LogMeIn to manage relatives' PCs until they did away with the free version. Hopefully they do not do the same to LastPass.
  3. MattPD

    MattPD TS Rookie

    I use LogMeIn at work to connect to client PCs a lot, does anyone know why so many people dislike LogMeIn?
  4. Guardian31756

    Guardian31756 TS Rookie Posts: 17

    My TRUST in Lastpass just dropped significantly !

    Those employees who just got pink slips or will have from the mergers, they'll sell out what they know to criminals and start hacking !
  5. mrtraver

    mrtraver TS Guru Posts: 337   +43

    My issue wasn't so much that I dislike LogMeIn - it was easier to use than the software I use now. But with so many free alternatives out there, it didn't make sense for me to keep using it when they suddenly announced that it was going from free to $50 a year in seven days. The last thing I did with LogMeIn was install new software on those PCs with which I was helping.

    Reading comments on another site, people were complaining that LogMeIn frequently upped their prices and/or removed features.
  6. p51d007

    p51d007 TS Evangelist Posts: 862   +353

  7. Ziffel

    Ziffel TS Booster Posts: 75   +62

    ...annnnd goodbye Lastpass. was fun while it lasted. It's Keepass & Keefox for me from now on.
  8. seeprime

    seeprime TS Rookie Posts: 29   +11

    LogMeIn has been commonly used by scammers to remotely take control of computers owned by people that fell for the "your PC is infected" scam. Maybe now that it is no longer free the scammers will switch to another program and give another program a bad name.
  9. anticeon

    anticeon TS Rookie

    Owh please no ...I love lastpass... now they sell it .....

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