Intel Corp., the biggest chip manufacturer, said in a statement that it bought Canada-based startup PasswordBox Inc to boost its Internet security offerings at a time when customers are becoming more concerned about their personal data in the light of recent breaches. The acquisition took immediate effect.
As reported by eWeek, the senior vice president and general manager of Intel Security Group – Mr. Chris Young – said in a statement: “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.”
According to Intels statement, PasswordBoxs services are planned to be integrated into the U.S.-based companys security products by making the start-up part of the Intel Security division. None of the financial terms of the acquisition were disclosed.
The Canadian startup was founded two years ago. It is primarily focused on helping customers log in in their accounts across different devices without having to manually type passwords. More than 14 million people were reported to have downloaded it.
The information was confirmed by PasswordBox in a blog post, which was cited by CNET: “To our 14 million downloaded users, from everyone at Team PasswordBox, Thank You doesnt even come close to expressing our gratitude. Youve trusted us to manage your digital lives, shared your feedback and ideas, and let us know how using PasswordBox has improved your daily lives.”
Security software has been a major part of the U.S.-based companys business since the takeover of security firm McAfee three years ago. Earlier in 2014, Intel swept the McAfee name from its series of security products and put them under the brand Intel Security.
Intel Corp. closed 0.21% lower on Monday on the NASDAQ at $37.17 per share, marking a one-year change of +55.91%. The company is valued at $180.10 billion. Shares stood 0.59% higher at €29.895 in Frankfurt at 8:45 GMT on Tuesday. According to CNN Money, the 39 analysts offering 12-month price forecasts for Intel Corp. have a median target of $36.20, with a high estimate of $50.00 and a low estimate of $17.00. The median estimate represents a -2.61% decrease from the last price of $37.17.
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