LastPass acquired by LogMeIn for $125 Million, will continue to provide its freemium service
Last night, I received an email notification from LastPass, which said that the popular cloud based password managing service, had been acquired by LogMeIn.
The acquisition deal is reportedly worth around $125 Million.
This came as quite a shock to me, as I have been using the service for the past five or six years. And I sure am not the only one who was unsettled after hearing the news. Users across the world have begun questioning the future of LastPass.
But LastPass states in its announcement, that its service will continue to exist in both free and premium versions, even after the acquisition.
First of all, we (LogMeIn/LastPass) have no plans to change our existing business model.
Here’s another quote from the announcement which reiterates the above:
We will continue to build and improve LastPass for our free, Premium, and Enterprise customers. Together with LogMeIn, we’ll be able to accomplish more, faster – providing an even better service to millions of people.
LastPass also owns Xmarks, the famous bookmark synchronization add-on, which is also available across many platforms and is compatible with several browsers. It is likely that Xmarks is also now owned by LogMeIn, althought the announcement does not mention it, and neither does it say whether the bookmark service would be continued.
You may have heard of LogMeIn before, since it has a popular remote desktop client. But it is probably more famous amongst gamers for its Hamachi gaming client, which is popularly used as multiplayer servers, and local multiplayer, for games which do not have an offical server anymore.
I am not even sure if LastPass joining LogMeIn makes any sense. For now we will have to wait it out, to see how this whole thing turns out.
LastPass says that it will be introducing new features, in the next several months. We are not sure what it means by “new features”, but the time period suggested hints that it could be released in 2016.
We can only hope that it does continue to provide free services. But the internet is already abuzz with rumours which suggest that the premium LastPass service could see a price hike. Check out the comments at the announcement page linked above for example, and you will see what I mean.
Personally, I’m a premium LastPass user, with a subscription which runs into early 2016, which I hope to extend, after observing the quality of the service and the prices over the next few months, before deciding on whether to begin the search for an alternative cloud based password manager.