US-based vendor LogMeIn has spun off its LastPass brand into its own company in order to accelerate organic growth.
LogMeIn claims that the decision to move its password manager product into a standalone business will allow it to increase investments in customer experience, go-to-market functions and engineering.
This, it believes, will lead to organic growth in the password management, single sign-on (SSO) and multi-factor authentication sectors.
“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.
Currently, LastPass is used by over 30 million users and 85,000 businesses globally, with the solution to receive updates during 2022 due to increased resources.
"Today's announcement also reflects our strategic priority to strengthen and invest in our flexible work enablement portfolio across unified communications and collaboration and IT management and support," Wagner added. “We believe that LogMeIn is well positioned to continue to deliver strong results and capitalise on the tremendous opportunity in today’s virtual environment.”
During June last year, LogMeIn made LastPass Enterprise available for managed service providers (MSP), as well as referral and reseller partners, to sell, manage and support through its Partner Network.