Intel has recently bought PasswordBox, producers of the renowned on-line ID management software. Intel plans to add PasswordBox service to its Security line of products in a push to expand its businesses beyond hardware commercialization.
We don’t know what the acquisition price is. A spokesperson from Intel recently said terms of the transaction were not disclosed and were not material to Intel’s operations.
Later this day, the IT company also plans to make a formal announcement of the acquisition in Montreal, the place where Passwordbox was first founded in 2012. Although, the Canadian team has only 48 members, their security software was so efficient that it was downloaded 14 million times in two years time. All team members will now work for Intel’s Safe Identity division, a part of Intel Security.
“PasswordBox has spent the last two years building a product that people love, trust and use around the world every day. We share Intel Security’s vision of simple, secure access and identity protection across all platforms and devices. Together, we believe we can offer our customers world-class technology, expertise and support to bring such access anywhere – all backed by Intel,”
Daniel Robichaud, co-founder of PasswordBox, said after the acquisition.
So far, PasswordBox received about $6 million from several investors, including Lee Linden from Facebook.
Intel said PasswordBox service would be improved and future innovations would be announced at a later date. Now PB works as an identity information manager, securing not only site passwords, but also encrypted personal notes, passport and membership data and so on.
Since 2013, PasswordBox also allows its users to manage their stored personal data during their lifetime and beyond. Last year, the team bought Legacy Locker, a service that guarantees post-mortem access to all on-line accounts for those the user want to receive them – spouse, colleagues, children or friends.
While Intel buys PasswordBox, Intel Security also plans to expand their current services for companies, to prevent on-line hacking attempts, and to provide ID management solutions for their individual customers. The global demand for ID management solutions skyrocketed since the emerging of cloud-based services. People need integrated software to help them remember all ids and passwords to their accounts in a fast and easy way.
Chris Young, general manager of Intel Security Group says everyone could be affected by “password fatigue”, that’s why PasswordBox had already brought relief to millions of consumers worldwide who now enjoy instant log-in. Intel Security division and PasswordBox team share the same goal – improving digital identity protection on all types of platforms and devices, Young added.