Intel (NASDAQ:INTC) began to give users a convenient way to log into all of its websites and applications from any device without having to type or remember passwords while it announced the acquisition of PasswordBox on Dec. 1.
PasswordBox is a Montreal-based and award-winning provider of a cross-platform identity management service. PasswordBox became a part of the Safe Identity organization within Intel Security Group after the acquisition. Intel’s Safe Identity organization is committed to delivering solutions that reduce the pain of passwords, simplify and strengthen security and providing consumers with easy access to their digital lives.
“Everyone can relate to password fatigue. The PasswordBox service has already brought relief to millions of consumers who now enjoy simple, instant login,” said Chris Young, senior vice president and general manager of Intel Security Group.
Young said that 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,” he said.
A recent report by Deloitte, a consulting firm, said that more than 90% of user-generated passwords are vulnerable to hacking, citing that the 10,000 most common passwords could access close to 98% of all accounts.
Intel Security combines the security expertise of McAfee, with the innovation, performance, and trust of Intel. The department is focused on solving some of the largest challenges in digital security. Along with PasswordBox, Intel Security will reduce password fatigue, simplify security mechanisms and offer the chances to experience next generation solutions to their consumers, Young said.
“PasswordBox has spent the last two years building a product that people love, trust, and use around the world every day,” said Daniel Robichaud, CEO and co-founder for PasswordBox. “We share Intel Security’s vision of simple, secure access and identity protection across all platforms and devices. Together, we believe we can offer our customers world-class technology, expertise and support to bring such access anywhere, all backed by Intel.”
PasswordBox currently possesses 44 employees and was established in Montreal in 2012. All current employees have joined Intel Security.
Since is debut 12 months ago, PasswordBox secured VC funding, led by OMERS Ventures, won best mobile app at CES 2014, and has been downloaded 14 million times worldwide. Intel’s acquisition of PasswordBox is effective immediately. Terms of the transaction were not disclosed and are not material to Intel’s operations. The acquisition is expected to support future innovations that will be announced at a later date.