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LogMeIn buys password manager LastPass for $110 million

While devices from the iPad to the Xbox have altered the way we spend our leisure time, technology is also prompting some big changes in the world of work. LogMeIn is one company that offers services designed to help keep businesses running smoothly with the aid of tech, and today the firm announced the acquisition of password manager LastPass.

LastPass is a popular tool that allows users to create and store randomized passwords. Since it launched back in 2008, the service has managed to amass a considerable user base, thanks in no small part to its ability to share passwords between several different types of devices.

In LogMeIn’s related announcement, according to a report from Liliputing, the company stated that the deal was made for a figure in excess of $100 million. It’s clear that LogMeIn sees a considerable value in adding password manager functionality to their current array of services.

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It’s more difficult to determine just what the future holds for LastPass as an entity discrete from LogMeIn. While it would follow that the tool is set to be folded into its new owner’s larger enterprise, its service could continue to be offered separately as well.

Last year, LogMeIn bought out Meldium, another password-centric service with a speciality in team usage. Meldium is still available for use separately to LogMeIn, so that strategy might be employed once again with LastPass.

The reality is that many individuals who use LastPass likely wouldn’t be interested in the tools for business offered by LogMeIn — and there are of course other password managers that they could use to replace the service. At present, LogMeIn plans to continue active development of LastPass in its current iteration for the foreseeable future.