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Logmein To Acquire Password Management Leader Lastpass

The following excerpt is from the company's SEC filing.

Accelerates strategic growth initiative focused on identity and access management

BOSTON, October 9, 2015

LogMeIn, Inc.

(Nasdaq:LOGM) today announced that it has agreed to acquire


(incorporated as Marvasol, Inc.), the popular single-sign-on (SSO) and password management service. A high growth business with millions of loyal users and an award winning product line, LastPass will immediately bolster LogMeIns position in the multi-billion dollar identity and access management (IAM) market, while accelerating one of the companys key strategic growth initiatives. The de al is expected to close in the coming weeks.

The future identity market is being shaped by realities that come from end-user driven adoption of cloud, web and mobile apps the bring-your-own-app (BYOA) trend and increasingly decentralized approaches to managing identity in the workplace. Seventy (70) percent of companies report using employee-introduced applications (as opposed to IT introduced and company procured applications) in the workplace.

This is especially relevant to IT professionals and businesses since eighty (80) percent of cloud applications and services contain sensitive regulated or company confidential data.

Meanwhile, approximately two-thirds (64 percent) of internet users use the same passwords for most or all websites.

LogMeIn is building a product and go-to-market strategy that embraces this BYOA reality and introduces new ways to help individuals and businesses secure access to sensitive information. The LastPass acquisition is expected to play a key role in this effort, is highly complementary to LogMeIns existing identity portfolio, and offers a natural extension to LogMeIns leadership position in the access market.

LastPass has a great business, a beloved and award winning product, millions of loyal users, and thousands of great business customers they are synonymous with the category, said Michael Simon, LogMeIns Chairman and CEO. We believe this transaction instantly gives us a market leading position in password management, while also providing a highly favorable foundation for delivering the next generation of identity and access management solutions to individuals, teams and companies.

Following the close of the deal, LogMeIn plans to bring complementary capabilities of its early identity management investments, including those of Meldium, which it acquired in September 2014, into LastPass. In the near-term, both the Meldium and LastPass product lines will...