LastPass also improves security credentials through simplified access with SSO and passwordless MFA to cloud and legacy applications, VPNs, and workstations. IT teams also have the ability to configure policies through an admin console. It also provides dark web monitoring for any personal information. LastPass adopts a zero-trust security model to enable users to generate, secure, and share credentials. "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." This underscores how enterprises have understood the importance of password management and securing identity verification.įrancisco Partners partner Andrew Kowal sees growth ahead for both LastPass and LogMeIn, as witnessed over the last 18 months. The company is mainly focused on its corporate customers, which make up the majority of LastPass business. "We believe that LogMeIn is well positioned to continue to deliver strong results and capitalise on the tremendous opportunity in today's virtual environment."
"Today's announcement also reflects our strategic priority to strengthen and invest in our flexible work enablement portfolio across unified communications and collaboration and IT management and support," continues Wagner. LogMeIn president and chief executive officer Bill Wagner comments, "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." These investments will support password management, multifactor authentication (MFA) and single sign-on (SSO). LogMeIn says it plans to invest further in LastPass, particularly across the go-to-market functions, engineering, and the overall customer experience. LogMeIn is spinning out LastPass as its own standalone company, putting the company in good stead to continue its 'strong' track record of growth.Īccording to figures from LogMeIn, LastPass is currently used by more than 30 million people and 85,000 businesses, leading to a 50% revenue compound annual growth rate (CAGR) over the last three years.
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