Remote access software maker LogMeIn has acquired the password management software startup LastPass for $110 million.
In addition, another $15 million in cash is available in contingent payments if LastPass meets certain milestone and retention targets over the two-year period following the closing of the acquisition, which would bring the total price tag to $125 million.
LastPass, which is technically incorporated as Marvasol Inc., makes a popular remote access product and competes with the likes of Dashlane, 1Password, KeePass and Password Safe.
I don't mind LogMeIn buying LastPass (good for them, it's always good when a startup finally succeed and gets rewarded for their effort), as long as they don't discontinue the main LastPass product to offer an "all-in-one" product that will end up being paid. If it ends up that way, I'll be moving password manager.