Symantec Reportedly Pays $25M / €19M for Spanish Company PasswordBank

The acquired firm has less than 20 employees, most of which have been retained

By on July 19th, 2013 08:05 GMT

Symantec has acquired PasswordBank, a Spain-based startup that provides multifactor authentication, user management and single sign-on services.

According to Spanish news site Expansion, the IT security giant has reportedly paid $25 million (€19 million) for the company.

Most of PasswordBank’s employees – it’s worth noting that there are less than 20 – have been retained. The company’s CEO, Roger Casals, has been named product manager.

The company was founded in 2008 and most of its profit from the last fiscal years was generated by its international customers.

“Symantec will use PasswordBank’s expertise in single sign on technology to extend Symantec’s functionality in secure sign on for web or cloud applications and further enhance its identity and context aware security, a key strategic initiative,” Symantec representatives told ZDNet.

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