Aiming to boost its security offerings, Intel announced that it was buying PasswordBox, a Montreal-based identity management startup that gives users a convenient way to log in to websites and mobile applications from any device without having to type or remember passwords.
Financial terms of the deal, which has already been completed, were not disclosed.
According to Intel, PasswordBox, which currently has 14 million users, will become part of the Safe Identity organization within Intel Security Group. Intel said that it would incorporate PasswordBox's current and future technologies to help users address “password fatigue,” and incorporate PasswordBox with new, user-friendly authentication technologies that enable users to get the benefit of improved security in a way that is simple and easy to use.
"Everyone can relate to password fatigue," said Chris Young senior vice president and general manager, Intel Security Group. "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," added by Chris Young.
Launched in 2012 by Marc-Antoine Ross and Daniel Robichaud and works out in Montreal, where it employs 44 people. PasswordBox enables users to log into websites and mobile applications without having to remember or manually type their passwords. PasswordBox has been downloaded 14 million times, it utilizes a one-tap ( for mobile devices like smartphones) and one-click (for browsers) login to provide secure login from any device. It also offers a secure way to share account passwords with family, friends or co-workers, and also lets users create encrypted notes and keep track of credit cards and other sensitive personal data in a digital wallet. A feature called Legacy Locker can be used to transfer login credentials after someone dies.
In addition, PasswordBox also ventured into biometric security space when it partnered with Bionym, makers of a wristband that uses the unique signature of someone’s heartbeat to validate logins.
According to Intel, the PasswordBox acquisition is expected to support “future innovations” to be announced at a later date.
For now, PasswordBox will remain available as-is, the company said. Until the release of a new product from Intel, all new and existing consumers will automatically get a free premium subscription for the coming months, compliments of Intel Security Group.
Image Courtesy of Softpedia