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LogMeIn buys LastPass for $125 million

LogMeIn buys LastPass for $125 million

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Remote computer-access company LogMeIn has acquired popular password-management company LastPass for $125 million, LogMeIn says in a statement today. The company says the deal is "expected to close in the coming weeks."

According to the statement, LogMeIn is planning to merge LastPass with another password-management company, Meldium, which was bought last year by LogMeIn. Eventually, Meldium and LastPass will go under the LastPass brand.

LastPass became a favorite password-management option soon after its launch in 2008, and now caters to millions of users. Earlier this year, the company also offered its service for free on smartphones, only charging users hoping to switch between desktop and mobile. In June, the company announced that it had been hacked, with attackers stealing email addresses and hashed versions of some users' master passwords.

In today's statement, LogMeIn's CEO says the deal complements the company's current offerings, and "instantly gives us a market-leading position in password management."