"The password authentication market is very hot right now." The equity firm likely determined that LastPass could generate more revenue as a standalone company within a growing market, said Merritt Maxim, an analyst at Forrester Research. Of the 3,800 LogMeIn employees, 350 will work for LastPass, The Boston Globe reported.
LastPass has not named a CEO, executive board or the location for its headquarters.
It competes with Okta, Transmit, Beyond Identity and products from Microsoft and Google. The company's services include identity and access management features like single sign-on and multi-factor authentication. LastPass has 30 million users and sells its products to more than 85,000 businesses. " is going to enable us to deliver enhancements to LastPass much quicker than we were able to before," DeMichele said. Mobile accounts for about 40% of LastPass's business. LogMeIn acquired LastPass for $110 million in 2015.įollowing the split, LastPass will focus on delivering product features faster and improving customer support, said Dan DeMichele, product vice president at LastPass. The company also plans to expand its mobile password management operations. The firm, Francisco Partners and Evergreen Coast Capital, plans to retain control of both LastPass and LogMeIn. This week, LastPass said it would spin off from its parent company LogMeIn after a private equity firm acquired the latter for $4.3 billion last year.
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