LogMeIn announces plan to spin off LastPass into its own company

LogMeIn announced on Tuesday that it is spinning off password manager LastPass into its own company.

LogMeIn explained that the move would allow LastPass to invest heavily in “customer experience, go-to-market functions and engineering” as a way to improve its “organic growth in password management,” Single Sign-On (SSO) and multi-factor authentication (MFA). 

The separation will also help the changes move forward quicker, with LogMeIn explaining that they expect customers to see the changes at some point in 2022. 

The company said LastPass currently has more than 30 million users and 85,000 business customers across the world. LastPass has grown significantly in recent years, with more than 50% revenue CAGR over the last three years. 

LogMeIn CEO Bill Wagner said the scale of LastPass, its growth, and its position in the market make it “a perfect candidate to seize new opportunities as its own standalone company.” LogMeIn owns several other products including GoToConnect, GoToMeeting and Rescue. 

“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 capitalize on the tremendous opportunity in today’s virtual

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