Intel Corp. (NASDAQ: INTC) has snapped up a Montreal-based company that offers a service almost anyone can use – the firm saves and remembers people’s passwords so that they can log into different accounts without racking their brains about what their password is.
PasswordBox is an award-winning cross-platform identity management service that provides users an easy way to log into all their Web sites and applications from any device without having to type or remember any passwords. The company was founded in 2012 and currently has 44 employees headquartered in Montreal.
“We’ve spent the last 18 months building a product that people love, trust and use around the world everyday,” Daniel Robichaud, CEO and co-founder of PasswordBox, said in a message on the company’s Web site. “We’re passionate about making password management simple, and are always working to provide you with the most intuitive and innovative way to manage your digital life. Now, we’re joining the Intel Security team to accomplish a much bigger vision – one that we know you will love.”
Financial details of the deal were not released. Intel Security Group was created in January 2014. The group makes use of the security expertise of McAfee.
PasswordBox will become part of the Safe Identity organization within the Intel Security Group.
In a recent report consulting firm Deloitte said that 90 per cent or user-generated passwords are vulnerable to hacking. The report found that the 10,000 most common passwords could access close to 98 per cent of all accounts.
Experian, a global information service group, also found last year that the average person has 26 password-protected online accounts, but used only five different passwords. Nearly 37 per cent of users have asked for assistance regarding their username or password for at least one Web site per month.
“Everyone can relate to password fatigue,” said Chris Young, senior vice-president of Intel Security Group. “The PasswordBox service has already brought relief to millions of consumers who now enjoy simple, instant login.”
Since it launched last year, PasswordBox’s application has been downloaded 14 million times worldwide. Its product won best mobile app at the CES 2014.