Intel Corporation (NASDAQ:INTC), the world leader in computer chips, has acquired PasswordBox, according to company announcement made on Monday. According to the chipmaker, PasswordBox will form part of the company’s Safe Identity organization under Intel Security Group. Its task will be to boost security by doing away with the necessity of having to memorize a dozen passwords.
According to Intel Corporation (NASDAQ:INTC), the acquisition is immediately effective, and all of PasswordBox’ 48 employees are now considered as Intel staff. The price of the acquisition and other details were not disclosed by the company. With a total number of 14 million downloads to date, PasswordBox’ form filling technology will be enhanced further by Intel’s authentication systems. This makes the app even more significant in light of the recent data security breaches such as that of Target last year which affected approximately 40 million cards, and more recently, that of Home Depot, which compromised 53 million email addresses and 56 million payment cards.
Based in Montreal, PasswordBox is a startup venture that was started 18 months ago with a funding of $6 million from OMERS Ventures. The app allows users to log in to different websites conveniently without having to memorize or key in passwords. Intel Corporation (NASDAQ:INTC) notes that the technology provided by PasswordBox is the solution to the trouble of having to memorize too many passwords as much as it is an antidote to the risk attendant to using only one password for multiple online accounts. According to Mark Hocking, Intel’s Security vice president, PasswordBox solves the security problem plaguing people all over the world, as much as its team and technology creates solutions across devices and platforms.
In a phone interview with Reuters, PasswordBox co-founder and CEO Daniel Robichaud noted the phenomenal growth of the app in terms of its users in the last 18 months, saying that its growth was faster that Evernote and Dropbox, two other apps, for a comparable period of time. He added that being part of Intel Corporation (NASDAQ:INTC) is one way of attaining his vision for the security app of reaching out to a billion users.
This article has been written by Nonito Guntan.