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LastPass is going to become an independent company
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LastPass is going to become an independent company

LogMeIn plans to spin out password administration device LastPass as a standalone company, it introduced Tuesday. With the change, LastPass is promising that prospects will obtain enhancements on an “accelerated timeline” subsequent 12 months. “With a workforce solely devoted to its continued innovation and development, [LastPass] will probably be in a position to ship much more strongly for customers,” a spokesperson mentioned.

LastPass, which LogMeIn bought for $125 million in 2015, is a preferred password administration device; it’s utilized by “greater than 30 million customers and 85,000 companies worldwide,” in accordance to LogMeIn, and “the numerous majority” of its enterprise is company prospects. LogMeIn’s emphasis on LastPass’ company use in its press launch may counsel the standalone company is going to focus extra on that viewers.

The change arrives virtually a 12 months after LastPass added significant restrictions to its free tier. LastPass now limits free customers to solely viewing and managing passwords on cellular units or your laptop. To entry your passwords on all of your units, you want to be on a paid plan. Should you’re nonetheless on LastPass’ free plan and need to transfer to one other password supervisor, we’ve received a guide you can follow right here. LogMeIn has additionally been criticized for tripling the value of LastPass Premium between 2017 and 2019, although a spokesperson tells The Verge there are “no plans” to change LastPass’ pricing.

The shift is going down almost two years after LogMeIn agreed to promote itself to two private equity firms for $4.3 billion.

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