Intel has acquired PasswordBox, a cross-platform identity management service that will be merged with the Intel Security Group portfolio.
Announced on Monday, the IT services provider said the acquisition of Montreal-based PasswordBox will boost the company's Safe Identity organization talent pool and solutions.
Terms of the transaction were not disclosed.
PasswordBox develops identity management solutions that allow users to log in to a number of websites and applications from any device, without needing to type or remember passwords. Instead, an app uses one-tap logins to simplify account security processes.
Intel says new benefits to consumers will be made possible by the deal, including reduced password fatigue. The firm also claims that security will be simplified, as PasswordBox's technology will be incorporated with "new, user-friendly authentication technologies that enable users to get the benefit of improved security in a manner that is simple to set up and use."
According to a recent report by consulting firm Deloitte, over 90 percent of user-generated passwords are vulnerable to hacking, claiming that the 10,000 most common passwords could access close to 98 percent of all accounts. Intel hopes the buyout agreement will bring the companies together to tackle this issue.
Chris Young, senior vice president and general manager of Intel Security Group said:
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. We believe we have the technology, expertise and reach to bring simple, secure access to consumers worldwide.
PasswordBox's 44 employees have all migrated to Intel Security. Since the company's debut a year ago, PasswordBox has secured venture capital funding, won best mobile app of the year award at CES 2014, and has been downloaded over 14 million times worldwide.
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