Intel Acquires Identity Management Service PasswordBox

Chuck Bednar for redOrbit.com – Your Universe Online
In an attempt to strengthen its growing online security division, Santa Clara, California-based chipmaker Intel has acquired Canadian identity management service PasswordBox, the two companies announced on Monday.
The Montreal-based company, which won best mobile app honors at the 2014 Consumer Electronics Show (CES), will become part of the Safe Identity division of the Intel Security Group, according to Reuters. The purchase price was not disclosed.
PasswordBox, which was designed to give users a convenient way to log into websites and apps from any device without needing to type or remember passwords, has already been downloaded 14 million times. The acquisition is effective immediately, and all 48 employees of the start-up are now part of Intel Security Group.
In a blog post, representatives from the Montreal-based password management service said that they and their new bosses at Intel “share a common mission – to enrich the lives of our users, and make each user’s online experience as secure and seamless as possible. Now, with the expertise, resources and support of Intel Security behind us, the possibilities of what we can build tomorrow – and how many people’s lives we can positively impact – are extraordinary.”
“Everyone can relate to password fatigue. The PasswordBox service has already brought relief to millions of consumers who now enjoy simple, instant login,” Chris Young, senior vice president and general manager of Intel Security Group, added in a statement. “Intel Security and PasswordBox share the same goal of improving digital identity protection across all devices and platforms. We believe we have the technology, expertise and reach to bring simple, secure access to consumers worldwide.”
Intel acquired security software developer McAfee Inc. for approximately $7.7 billion in 2011, and rebranded it as Intel Security Group earlier this year. PasswordBox was founded in 2012, and last year, it secured $6 million in a Series A venture funding round led by the OMERS Ventures, according to Reuters.
For now, PasswordBox said that it would continue to be “available as is,” but little is known about Intel’s long-term plans for the service, explained CNET technology columnist Don Reisinger. The company said that it had a lot in store over the “next few months,” and Reisinger added that PasswordBox’s premium protection (previously $12 per year) would be available for free for all new and existing customers until a new product is released.
“Enjoy access to all of the PasswordBox features and additional storage space during this time. Think of it as a thank you for your support while we look to the exciting next chapter,” the company said, adding that tech support would not be available around the clock and would be “backed by the power and expertise of Intel Security… Be sure to stay tuned for more updates on the exciting things we’re working on together.”
“PasswordBox has spent the last two years building a product that people love, trust and use around the world every day,” explained Daniel Robichaud, CEO and co-founder of PasswordBox. “We share Intel Security’s vision of simple, secure access and identity protection across all platforms and devices. Together, we believe we can offer our customers world-class technology, expertise and support to bring such access anywhere – all backed by Intel.”
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