Endpoint security company Lookout has acquired SaferPass, a startup specializing in cross-platform password management. The terms of the deal were not disclosed.
Founded some 15 years ago, Lookout has evolved into a comprehensive security platform that promises to protect everything from endpoints on mobile devices to cloud apps, protecting consumers and companies from phishing attacks, ransomware, and more.
While passwords are pretty much the default authentication mechanism for just about every online service, they are generally considered to be among the weakest links in both enterprise and consumer applications. Indeed, the vast majority of data breaches are due to compromised passwords, with end-users often reusing the same password across multiple online services. This means that if one of their online accounts is subject to a data breach it ultimately compromises all the accounts that use those same credentials.
And that is why Lookout is now expanding into password management with the acquisition of eight-year-old Slovakian company SaferPass, a service that allows users to generate unique and hard-to-guess passwords and “autofill” them wherever SaferPass is deployed.
A number of companies are working to tackle the “password problem,” including the likes of 1Password, which recently hit a $6.8 billion valuation off the back of a $620 million funding round. The broader password management market is gearing up to be a $2 billion industry by 2025, and by bringing SaferPass in-house, Lookout is better positioned to offer its existing customers — which include giants of the corporate world such as Airbus and Henkel — a more holistic security product.
“Today, every password owned by an employee is a potential access point to organizations both small and large,” Lookout CEO Jim Dolce said in a press release. “At the same time, large-scale data breaches have leaked billions of consumer emails and passwords on the dark web, putting individuals at risk of identity theft and financial fraud. The SaferPass team shares our vision for providing seamless security solutions that address all access points and protect personal and corporate data wherever it may reside.”News Source: Venture Beat