LogMeIn to establish LastPass as an Independent Cloud Security Company

LogMeIn has announced the intent to establish LastPass as a standalone company.

The category leader in zero-knowledge password management, LastPass is used by more than 30 million users and 85,000 businesses worldwide and is set for strong and sustained growth as consumers and businesses continue prioritizing password security.

By establishing LastPass as a standalone business, the company plans to increase investment in the customer experience, go- to-market functions and engineering to accelerate its organic growth in password management, Single Sign-On (SSO) and Multi-factor Authentication (MFA). Customers will experience planned enhancements on an accelerated timeline in 2022, with the benefit of additional dedicated LastPass resources.

“The substantial scale of LastPass, its tremendous growth, and its market leading position and brand makes it a perfect candidate to seize new opportunities as its own standalone company,” said Bill Wagner, President and Chief Executive Officer of LogMeIn.

Andrew Kowal, Partner, Francisco Partners, said, “The success we’ve seen across the entire LogMeIn portfolio over the last 18 months proves there is a vast growth opportunity ahead for both LastPass and LogMeIn. We assessed our portfolio with a laser focus on unlocking the full potential of our business and identifying how we could best serve customers and accelerate growth across very different markets.”

The global shift to remote working has also fueled the adoption of new accounts and applications; 50 percent of people in the 2021 Psychology of Passwords research reported twice the number of accounts today, compared to pre-pandemic levels.

Using a zero-knowledge security model, LastPass empowers end users to generate, secure, and share credentials seamlessly, and to monitor personal information on the dark web, while providing valuable insight and effortless control to IT teams with the most comprehensive, yet actionable admin console and policy configurations. By reducing credentials through simplified access with SSO and passwordless MFA to cloud and legacy applications, VPNs, and workstations, LastPass further improves security for businesses.