Intel Corp. (INTC) has acquired a Montreal-based password management startup called PasswordBox to strengthen its security division.
PasswordBox will be integrated with Intel Security. Financial terms of the deal were not disclosed.
Established in June 2013, PasswordBox has seen 14 million downloads to date. Last year, the company secured $6 million in a Series A venture funding round led by OMERS Ventures, the venture capital branch of Ontario Municipal Employees Retirement System.
PasswordBox enables users to save their log-in IDs and passwords on websites and apps in a protected storehouse, from which they are retrieved and applied by PasswordBox automatically. So users can log in to the relevant sites without typing the password. The application also assists users to create secure passwords without having to memorize them.
Intel acquired McAfee in 2011 and since then security software has become a vital component of its business. Recently, it rebranded its security division as Intel Security.
Intel Security intends to use PasswordBox’s one-click login system for mobile devices and browsers to lessen what it refers to as “password fatigue.”
Along with the PasswordBox team, Intel plans to work on technology to that could take on online identity managers like Lastpass and Dashlane, which provide comparable services.
Intel's acquisition of PasswordBox is effective right away and all 48 employees of the start-up will join the Intel Security Group.
Intel currently has a Zacks Rank 2 (Buy).
Investors interested in the technology sector can also consider stocks like Mercadolibre, Inc. (MELI), overstock.com (OSTK) and Baidu Inc. (BIDU), all of which carry a Zacks Rank #2.
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