LastPass becomes independent firm2021-12-14 18:01 by Daniela
Tags: LastPass, password manager
Password manager LastPass is spinning itself off from LogMeIn to become its own standalone company. However, the change isn't as drastic as it sounds. The private equity firms that acquired and own LogMeIn will still control LastPass.
The cloud-based solutions company explained that the move allows LastPass to invest heavily in "customer experience, go-to-market functions and engineering" as a way to improve its "organic growth in password management," Single Sign-On (SSO) and multi-factor authentication (MFA). That includes a faster rollout of 2022 features, LogMeIn said.
The full extent of those features wasn't clear, but LastPass hinted at "faster, seamless" password filling, an improved mobile app and more third-party tie-ins for corporate customers. You should also see more support channels and a website redesign.
The change won't see any immediate changes for customers – the company assures there will be no changes to accounts or data – but in time, LogMeIn and LastPass say that the new structure will result in LastPass accelerating its growth and speeding up the arrival of new features and other updates.
LogMeIn said LastPass currently has more than 30 million users and 85,000 business customers across the world. LastPass has grown significantly in recent years, with more than 50% revenue CAGR over the last three years.
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