LastPass to Become an Independent Company
Published · Dec 15, 2021
LogMeIn announced that the password manager LastPass will become an independent company. Already boasting millions of users worldwide, LastPass promises better service and faster features as it becomes an individual entity.
The company existed on its own until 2015. In that year, LogMeIn purchased it for $125 million. Since then, the password manager has grown to be one of the best in a tough market.
According to LogMeIn, it counts more than 30 million users and 85,000 businesses. The company often emphasizes LastPass as a great security solution for companies.
That said, the password manager received some criticism over the last few years.
First, it greatly increased its price from 2017 to 2019, at about 100% a year.
Then, in 2020, it restricted its free plan to either mobile or desktop, locking multi-device use behind the premium plan.
However, this isn’t uncommon for password managers. Solutions like Dashlane have similar limited free plans.
Importance of Passwords
Despite an increase in cybercrime, about 24% of Americans still use “generic” passwords like “password” or “12345.”
A password manager is a simple solution to the problem. These services can generate complicated passwords and store them for you. That way, you only have to remember your master password.
Some firms have started forgoing passwords in favor of other multifactor authentication and single sign-on (SSO) solutions. Of course, a combination of passwords and multifactor protection is still the most optimal route.
Aware of the stir caused by its previous price raises, LastPass has pledged not to change its pricing as it becomes independent. Expect new developments to follow soon.
Garan is a writer interested in how tech reshapes the environment, and how the environment reshapes tech. You'll usually find him inoculating against future shock and arguing with bots.