Today, the significant majority of LastPass’ business is represented by corporate customers, illustrating the business imperative that password management has become to organizations of all sizes. “The substantial scale of LastPass, its tremendous growth, and its market-leading position and brand makes it a perfect candidate to seize new opportunities as its own standalone company,” said Bill Wagner, president and CEO of LogMeIn. In “spinning up” LastPass, LogMeIn says it plans to increase investment in the customer experience, go-to-market functions and engineering to accelerate its organic growth in password management, Single Sign-On, and Multi-factor Authentication. As a standalone entity, it will look forward to “strong and sustained growth” as consumers and businesses prioritize password security. LogMeIn says LastPass is the category leader in zero-knowledge password management. The award-winning password manager already helps more than 30 million users organize and protect their online lives and supports more than 85,000 businesses of all sizes, providing identity and access management solutions. “We are excited to welcome this new member to the Hungarian tech scene, which is not only a genuine global leader in the business-critical area of securing the remote workforce but also has all its software engineering, product design and tech support located here in Hungary,” he tells the Budapest Business Journal. John Ford, VP of digital workplace technology and managing director for LogMeIn Hungary (including LastPass), describes the development as a “spinning up,” rather than spinning off.
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