LastPass, the popular password management platform, is set to become an independent entity. In fact, its parent company, LogMeIn, has even confirmed that LastPass will be a cloud security company.
LastPass will soon become a standalone business, confirmed LogMeIn, the parent company that purchased LastPass in a $110 million, all-cash deal back in 2015. According to LogMeIn, “more than 30 million users and 85,000 businesses worldwide” currently rely on LastPass to create, store, and recall or retrieve login credentials.
LogMeIn has justified allowing LastPass to soar on its own by claiming the platform has become really big in a very short amount of time. This seems true simply because LogMeIn’s “2021 Psychology of Passwords” report claims 91 percent of respondents have created at least one new account this year. Additionally, more than 90 percent of the responders revealed they have as many as 50 or more online accounts/application credentials to manage.
As LastPass becomes an independent company, it will be able 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),” noted LogMeIn.
LogMeIn also revealed that “the significant majority of LastPass’ business is represented by corporate customers.” Simply put, businesses and their employees, more than individuals, rely on LastPass. This clearly hints that the decision to untether LastPass was driven by the rising demand for password managers in the corporate sector.