LogMeIn To Acquire LastPass, Single-sign-on And Password Management Service

(RTTNews) - LogMeIn Inc. (LOGM) announced that it has agreed to acquire LastPass (incorporated as Marvasol, Inc.), the popular single-sign-on or SSO and password management service. A high growth business with millions of loyal users and an award winning product line, LastPass will immediately bolster LogMeIn's position in the multi-billion dollar identity and access management or IAM market, while accelerating one of the company's key strategic growth initiatives.

As per the terms of the transaction, LogMeIn will pay $110 million in cash upon close for all outstanding equity interests in LastPass, with up to an additional $15 million in cash payable in contingent payments which are expected to be paid to equity holders and key employees of LastPass upon the achievement of certain milestone and retention targets over the two-year period following the closing of the transaction.

The deal is expected to close in the coming weeks.