LastPass has now officially severed ties with its former parent company, GoTo, which was formerly known as LogMeIn.
The separation, initially announced in December 2021, marks a pivotal moment for the password manager company as it begins a journey on its own.
The move comes in the wake of a series of high-profile attacks, with the new company committing to bolstering security measures across the board in order to improve resistance.
LastPass splits from parent company
In the months that followed the attacks on LastPass, which revolved around the theft of source code and certain customer information, the company started introducing stricter measures, such as the enforcement of a 12-character minimum for passwords.
The then CEO, Karim Toubba, continues the role of heading up the newly diverged company despite criticism over the attacks.
Toubba commented on the split: “Together, we are all committed to delivering solutions that never compromise on security, quality, or performance – helping to set new standards in the cybersecurity landscape on behalf of our valued customers, dedicated employees, and the industry for years to come.”
LastPass has also invested in establishing its own dedicated threat intelligence team, comprising workers who collectively helped drive a 98% decrease in credentials offered for sale by infostealing malware in 2023.
In its announcement, LastPass also asserted that the company “stands on solid financial ground,” alluding to upcoming investment in technology and R&D. LastPass is now owned by private equity sponsors Francisco Partners and Elliott Management.
Toubba added: “Our journey forward as an independent company is filled with excitement and gratitude.”
The company remains in Boston, where former parent company GoTo is headquartered, but it will reside in its own property.
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