American multinational tech firm Intel Corp. announced on Monday its acquisition of PasswordBox, a Canadian identity management service software that provides users a better way to log into applications and websites without having to remember all of their passwords.
Details regarding the acquisition price for the Montreal-based startup were not disclosed.
According to the California-based microchip manufacturer, the newly acquired PasswordBox will be part of the Safe Identity organization under the Intel Security Group, which aims to simplify and bolster data cybersecurity by delivering convenient ideas that remove the arduous task of memorizing numerous passwords.
PasswordBox allows its users to store their sensitive log-in credentials to applications and websites in a highly secure repository. Users can then log in to sites without typing their passwords. It also lets users generate secure passwords without the need to memorize them.
The start-up password security service started in June 2013. It has then experienced rapid growth as it was downloaded about 14 million times within the last year and a half. It also won as the best mobile app at the Consumer Electronics Show (CES) earlier this year.
"To our 14 million downloaded users, from everyone at Team PasswordBox, 'Thank You' doesn't even come close to expressing our gratitude," wrote PasswordBox on its official blog post.
In 2011, Intel bought cybersecurity company McAfee Inc. for roughly $7.7 billion, and then rebranded it to become the Intel Security Group earlier this year, dropping the "McAfee" name from its range of cybersecurity products.
The acquisition of PasswordBox is effective immediately. All 48 of the Canadian start-up's team are now under the California-based firm's Intel Security Group.