LogMeIn to Acquire Password Management Leader LastPass

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Today we’re pleased to announce that LogMeIn has agreed to acquire LastPass (incorporated as Marvasol, Inc.), the popular single-sign-on (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 (IAM) market, while accelerating one of the company’s key strategic growth initiatives. The deal is expected to close in the coming weeks.

The future identity market is being shaped by realities that come from end-user driven adoption of cloud, web and mobile apps – the bring-your-own-app (BYOA) trend — and increasingly decentralized approaches to managing identity in the workplace.   Seventy (70) percent of companies report using employee-introduced applications (as opposed to IT introduced and company procured applications) in the workplace.[1]  This is especially relevant to IT professionals and businesses since eighty (80) percent of cloud applications and services contain sensitive regulated or company confidential data.[2] Meanwhile, approximately two-thirds (64 percent) of internet users use the same passwords for most or all websites.[3]

LogMeIn is building a product and go-to-market strategy that embraces this BYOA reality and introduces new ways to help individuals and businesses secure access to sensitive information.  The LastPass acquisition is expected to play a key role in this effort, is highly complementary to LogMeIn’s existing identity portfolio, and offers a natural extension to LogMeIn’s leadership position in the access market.

“LastPass has a great business, a beloved and award winning product, millions of loyal users, and thousands of great business customers – they are synonymous with the category,” said Michael Simon, LogMeIn’s Chairman and CEO. “We believe this transaction instantly gives us a market leading position in password management, while also providing a highly favorable foundation for delivering the next generation of identity and access management solutions to individuals, teams and companies.”

Following the close of the deal, LogMeIn plans to bring complementary capabilities of its early identity management investments, including those of Meldium, which it acquired in September 2014, into LastPass.  In the near-term, both the Meldium and LastPass product lines will continue to be supported, with longer-term plans to center around a singular identity management offering based on the LastPass service and brand.

“LogMeIn and LastPass share a great common vision on reshaping identity and access management in ways that not only increase productivity but also improve security for individuals and companies, alike,” said Joe Siegrist, CEO of LastPass. “The striking commonality between our businesses, our products, and cultural DNA make this a great fit for both teams, and we believe a great win for our customers.”

Transaction Details

Under the terms of the transaction, LogMeIn will pay $110 million in cash for all outstanding equity interests in LastPass upon close, with up to an additional $15 million in cash payable in contingent payments 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.

Conference Call Information

LogMeIn will host a conference call to discuss the details of the transaction at 8:30am ET, today, Friday, October 9, 2015. Details as follows.

What: Conference call and live webcast to discuss LogMeIn’s acquisition of LastPass

When: Friday, October 9, 2015

Time: 8:30 a.m EDT

Live call: Dial In: 877-407-9124

Dial In (International): 201-689-8584

Replay Number: 1-877-660-6853

Replay Number (International): 1-201-612-7415

 Conference ID # for replay: 13621996

Webcast: https://investor.logmeininc.com

 

[1] Managing applications in the age of BYOA, Edge Strategies, April 2014

[2] Password security in a cloudy world, Enterprise Strategy Group and LogMeIn, 2015

[3]  Ofcom Adults’ media use and attitudes report, 2015

         

What kind of Password Protector are you? Take the quiz to find out!

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It’s no secret that people’s password habits are concerning. We recently published research results that found more than half of people store their passwords in a spreadsheet and over 25% still write passwords down on paper or sticky notes! Considering these passwords contain valuable personal information like bank statements, credit card information, financial info, and much more, it’s alarming that individuals are so haphazard with their passwords.

To help you get a pulse on your own password habits, we’ve created a new password quiz to see if you’re doing a good job protecting your data, or if you need to spruce up your habits. So far, we’re impressed with the results. Just over half of people earned the most secure status from the quiz, “Password Secret Service,” which means they’re generating diverse, unique passwords, storing them securely, and more. For the other 50% that could do some housekeeping on their password habits, here are 3 easy tips to help you protect valuable personal information and be a better password protector:

  • Don’t use the same password for too long: Many websites don’t have strict password requirements, meaning you could easily create an account, which includes your credit card info, with some of the weakest, worst passwords. Stronger passwords can be achieved simply by adding numbers, letters, and symbols. Make these changes and create unique passwords across every account, app, and device. This is the only way to keep your data secure.
  • Stop relying on memory: The root of the issue is often the number of accounts and passwords people are being asked to create, and then manage in order to carry out simple day-to-day activities. The easiest way to keep track of all of these unique accounts (and strong passwords) is to use a password manager. This will ease the burden of password management and encourage strong passwords that don’t have to be committed to memory.
  • Share accounts, not passwords: There are certainly circumstances where individuals need to be able to share passwords with one another. Passwords are often shared through insecure channels such as email and instant messaging. Password managers, like Meldium, are designed for business and team use – encourage proper password hygiene and allow access to the specific account or application without bothering with passwords. These tools add convenience and an extra layer of security.

If you haven’t already, take the Password Quiz to get see you how you stack up against others. If you need to up the ante on your security, follow these 3 easy steps to keep your accounts, passwords, and personal information safe.

         

[INFOGRAPHIC] The Evolution of Work

How we get work done has changed dramatically over the last 10 years. At that point, almost 50% of people were still tied to their desks to complete work effectively, and offices were topped with a desktop computer, printers, and even fax machines. Now you’re hard pressed to find a fax machine, and maybe even a printer in your office. This is because we rely on cloud app technology that allows us to conduct business in the cloud. In fact, 56% of people use financial or bookkeeping cloud apps for work and more than half use productivity apps like project management or file sharing.

The rise of cloud apps has transformed the concept of an office; work is no longer defined by four walls and a desk with your nameplate. Nearly 80% of people worked remotely in the last six months, and almost all (96%) businesses see mobility as important for employees to be productive and efficient in today’s workplace.

We recently surveyed 1,000 full-time employees across the United States to define how they used to work and how they work now, and compiled results in an infographic. Check out the full infographic  below and stay tuned for more tips on how to keep up with new technology and tools to keep employees productive from anywhere.

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Promote Employee Awareness During Internet Safety Month

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June is Internet Safety Month, as designated by the US Congress with support from the National Cyber Security Alliance (NCSA). While Congress started this initiative in 2005 with a focus on Internet safety among children and teens, the goal broadened to promote awareness among all ages of Internet users. Today the NCSA declares safe online business practices as one its 4 key pillars.

At most small businesses, Internet safety starts and ends with employees. From email to Internet browsing to password practices, informed employee behavior is the best way to protect your business from unwanted problems. In honor of Internet Safety Month we pulled together 4 core tips to keep your employees informed:

1. Build Internet safety guidelines – The first step for a small business is to have an opinion on what is safe and what’s not, and make it known throughout the company. Put these rules and regulations into a document that you share with employees on their first day of work and post it where it can be found at any time.

2. Promote good password practices – More than 30% of adults have over 10 passwords to remember.  Whether or not you use a password manager, your employees hold the key to a great deal of valuable company data, and you want it to be safe from hackers. Require employees to change their password every 30, 60 or 90 days, and give them guidance to create strong passwords with tips such as:

  1. Don’t use obvious names, dates or numbers like your birthday, anniversary or hometown
  2. Include both upper and lowercase numbers
  3. Include symbols and characters
  4. Use at least 8 characters

3. Create awareness of email fraud – Prepare employees to look for potential phishing attempts that are designed to steal personal and valuable information. Safeguard your company by understanding the key signs of a fraudulent email and communicating them to employees. Have employees ask the 5 questions below if they suspect a phishing attempt. If they can answer ‘yes’ to one or more, the email might be suspicious.

Does the email in question…

    1. Want you to verify account information beyond email address?
    2. Ask for your password?
    3. Contain personal information like social security number or age?
    4. Include links or required attachments?
    5. Ask for financial information?

Also look for a message from the company to offer validity to the email. For example, LogMeIn adds this notice to the footer of every email it sends:
Important Security Notice: LogMeIn never asks for your password or other sensitive information by email. Do not click links or respond to a suspicious email! For details, visit blog.logmein.com/products/avoiding-phishing-attacks.

4.  Encourage two-factor authentication – As the use of cloud apps in SMBs continues to rise and more employees are introducing their own apps to get work done, it’s important for SMBs to stay in control of their data. Encourage employees to use a two-factor authentication app that adds an extra layer of security to valuable company information. Many two-factor options, including the LogMeIn Authenticator App, allow you to enforce this practice company-wide if desired. 2factorauth

These four tips are just a start to safe, secure Internet practices for your business. Learn more about how to protect your business at the NCSA site. Happy Internet Safety Month!

         

[INFOGRAPHIC] SMBs & the Cloud: The Truth Behind Password Security

Are you part of the password problem? The nearly 50% of people that keep all their passwords in a spreadsheet or the 27% that write them on paper (what’s that)? Forget the third of people that rely on memory; they’re probably using the same password for everything.

Good password management isn’t easy and consumer habits revealed in recent research from Enterprise Strategy Group confirm that. The more unsettling part is how unprepared individuals and small businesses are to deal with the consequences. About 60% of small businesses have no policies in place to address the rise of cloud apps in the workplace, and only 44% require employees to change their password every three months.

You can read the complete report, Password Management in an Increasingly Cloudy World, or check out some highlights and tips for SMBs in the infographic below.

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[INFOGRAPHIC] SMBs & the Cloud: The Rise of Cloud Apps

Another day, another new login. It feels like we’re adding new apps and websites to our repertoire every day. A social media tool here, an analytics site there. A recent research report by Enterprise Strategy Group found that individuals use more than 25 apps each month. Can you remember that many usernames and passwords? If you can, it’s probably because you’re using the same password for all your accounts.

The rising number of cloud apps and web services we use on a daily basis is becoming a bigger challenge not only for individuals but also for small businesses. Today’s professionals want to be productive from anywhere and to do so, they bring apps from their personal life into the workplace for a seamless transition from work to home and back again. This presents a challenge for small businesses, of which 60% have no full-time IT staff to manage the blurred lines between business and personal accounts.

You can read the complete report, Password Management in an Increasingly Cloudy World, or check out some highlights in the infographic below.

Nervous about the growing password problem for employees and small businesses? We are too. Stay tuned for Part 2 of SMBs & the Cloud: The Truth Behind Password Security, coming soon!

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Meldium Celebrates 2,000 Apps

Meldium_2kApps_1200x630 We’re excited to announce that  Meldium, our password management tool, has hit the 2,000 app mark – helping teams instantly access even more of the apps they can’t live without.  Logging into apps like Twitter, MailChimp, join.me, Basecamp, Slack, GitHub, Asana and more has never been so easy. Over the past year we have vastly expanded our catalog of available web apps and services.  New additions include Google Apps for Work,  TypeformMicrosoft Office365On24IntuitNanigansInspectlet,  AudibleSalesforce.comFacebook AdsWells FargoNexonia and more. Not a Meldium user yet? We want you to celebrate with us and are offering 2-months free for new customers by simply using the coupon code 2KMELD.  Don’t waste any time – get your team started today!

         

MELDIUM: ONE PASSWORD. FOR EVERYTHING.

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Entering in passwords for all of your everyday applications and web services is a pain. Worse yet, being locked out of an account and losing time during a busy business day trying to recover access is frustrating. With LogMeIn’s newest product, Meldium, eliminating the headache of keeping track of passwords has never been so simple.

Meldium, a password manager with single sign-on, allows you and your entire team one-click access to over 1,800 web apps and services like Google Apps, Salesforce, ZenDesk, Office365, ADP, WordPress, Evernote and more.  Your team can access all of their favorite cloud services quickly and securely, share access without ever sharing the actual passwords, and onboard new team members in minutes.

Already use join.me, Cubby, or LogMeIn?

Don’t have a LogMeIn ID?

Don’t waste any time get started today!

         

Meldium App Trends, Top Apps of 2014

 

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Everyday thousands of apps are developed hoping to make their way to the masses and seamlessly into the workflow of individuals, teams, departments and enterprises.  Each month our team analyzes our own usage data to give you a look behind the curtain and identify the most popular and trending web apps and services.

In this special edition, we rounded up the Top Apps of the Year by category to give you an inside look into the top tools in Analytics, Communication, Collaboration, Development, Sales and Marketing, and Social Media.  As always, we gathered this data from an anonymized version of our comprehensive audit logs and score apps on a 100-point scale based on the unique number of people who used it.

Click here to view the full results, along with an infographic, on the Meldium blog.

         

If it can happen to the biggest companies, it can happen to any of us.

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It seems that almost every week brings news of another security breach – most of which expose some form of bad password practices. It is happening to the biggest companies with the most sophisticated security controls, so it can certainly happen to any of us. The biggest reason for this is that humans create vulnerabilities, mostly unwillingly – all in the effort of getting their job done quicker.

Its always difficult to understand how and when a security breach specifically took place, mainly because these attacks are low-and-slow and very sophisticated in nature. What we do understand is that we should always make sensitive data, including passwords, difficult to find for any attacker. Unfortunately password security is an afterthought at best and a perceived productivity-impeding nuisance at worst.

The truth is that good password security doesn’t have to be difficult – and there are password management tools that can actually make our jobs easier while making us more secure.

One example is that in today’s businesses, we share and collaborate in the cloud and many times require multiple people to have access to the same app and account. Social networks are great examples of this – companies usually need multiple people to tweet under the same login. This leads to doing things like sending passwords around in emails or worse, storing password in a file marked “passwords” or “logins.” And often, because passwords are generated to be easily recalled by humans, those passwords are easy to remember, but even easier for thieves to exploit.

Wouldn’t it be great if we had a tool that automated all of this, in a secure encrypted manner?

Of course, we do.

Password vaults like our own Meldium, which is specifically designed for business and team use, automates good password practices and team management into a single, easy-to-use app.

The things that your business should be doing that a password manager actually does, includes:

  • Create a unique, complex password for every account, device and system.
  • Make sure shared passwords are only visible to the management tool and not everyone on the team or in the company.
  • Ensure that it is easy to provision passwords to new employees that need them and revoked from those that are no longer with the company.
  • Employ two factor authentication, which adds yet another layer of security on top of the password itself and can be used when suspicious activity is detected (like a browser change or access from an unfamiliar IP address.)

The good news in all of this is that password management tools are one of the few areas that can make us more productive while making us more secure. They reduce the annoyance of passwords and encourage good password hygiene. And in the worst case scenario of a data breach they can offer an extra layer of protection over sensitive information.