14 DAY TRIAL // Password management solution PasswordBox has been acquired by Intel, which plans to make it part of the Safe Identity organization in the Intel Security Group.
The move comes 18 months after the launch of PasswordBox, which has recorded more than 14 million downloads. The product has grown to be developed by a team of 44 full-time employees, who introduced technologies that allow sharing the password for collaboration purposes and 1-Tap Login.
The mission remains the same
Getting under different management should not impact the current users in any way, because no change has been planned for now. Moreover, Intel Security offers free premium subscription to all existing customers, as well as new ones, until a new product is shaped up.
PasswordBox hopes that by joining Intel Security new resources can be accessed to further develop the technology and make the entire password management experience as seamless as possible for the users.
It appears that both entities have the same mission, as Intel’s “Safe Identity organization is committed to delivering solutions that reduce the pain of passwords, simplify and strengthen security and providing consumers with easy access to their digital lives,” the company said in a statement referring to the acquisition.
Users should benefit from a constantly improved solution
According to a report from consulting firm Deloitte, passwords generated by the users are vulnerable to hacking in more than 90% of the cases. In 2013, Deloitte said that the most common 10,000 passwords could offer access to 98% of all accounts.
As it is impractical for most users to remember the passwords for all online services without recycling the strings, the need for a management solution becomes obvious. Both Intel Security and PasswordBox want to eliminate such an issue and provide users a secure way to access their services, said Chris Young, senior vice president and general manager of Intel Security Group.
One of the goals of the company is to reduce password fatigue through using the most accurate form-filling technology, regardless of the operating system running on the customer’s device.
Creating complex passwords that can face the current security challenges in an effortless manner for the user is also on the list of Intel’s goals.
Although a young company, PasswordBox managed to make an acquisition itself (Legacy Locker), in order to increase its user base. The application also won the best mobile app award at CES 2014.
Details about the transaction have not been disclosed by either company.
