On Monday of this week, a recent deal was announced regarding Intel acquiring a cross-platform identity management service, based out of Montreal, called PasswordBox. The recent acquisition means the firm will be merged with the Intel Security Group portfolio. Intel has said this acquisition of PasswordBox will encourage the company’s Safe Identity organisation talent pool and solutions. Any terms of the transaction have not yet been disclosed.
PasswordBox develops identity management solutions, which will allow a user to log in to a numerous websites and applications from any device they choose, without needing to retype or remember any passwords. the service works instead by a one-tap app enabled login to simplify the account security processes.
There will be new benefits to consumers that will be made possible by this deal, says Intel, including reduced password fatigue. The company also claims that security will be simplified, as PasswordBox’s technology will be incorporated with ‘new, user-friendly authentication technologies that enable users to get the benefit of improved security in a manner that is simple to set up and use.’
Senior vice president and general manager of Intel Security Group, Chris Young, said,
‘Everyone can relate to password fatigue. The PasswordBox service has already brought relief to millions of consumers who now enjoy simple, instant login. 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.’
The 44 employees from PasswordBox have all migrated to Intel Security, so there have been no reported job losses in the deal. PasswordBox debuted a year back and has secured venture capital funding, won best mobile app of the year award at CES 2014, and at the last check, has been downloaded over 14 million times globally.
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