LastPass is officially splitting from its former parent company GoTo
LastPass has now officially cut ties with its former parent company GoTo, formerly known as LogMeIn.
The separation, which was first announced in December 2021, marks a pivotal moment for the password management company as it embarks on a journey of its own.
The move comes in the wake of a series of high-profile attacks, with the new company committed to strengthening security measures across the board to increase resilience.
LastPass splits from its parent company
In the months that followed the attacks on LastPass, which revolved around the theft of source code and certain customer information, the company began implementing stricter measures, such as enforcing a 12-character minimum for passwords.
The then-CEO, Karim Toubba, continues to lead the recently collapsed company despite criticism of the attacks.
Commenting on the split, Toubba said: βTogether, we are all committed to delivering solutions that never compromise on security, quality or performance β helping to set new standards in the cybersecurity landscape on behalf of our valued customers, dedicated employees and the industry. the next few years.”
LastPass has also invested in the creation of its own threat intelligence team, made up of employees who have collectively contributed to a 98% decline in the number of credentials for sale by stealing malware by 2023.
In the announcement, LastPass also claimed that the company is βon solid financial footing,β citing upcoming investments in technology and R&D. LastPass is now owned by private equity sponsors Francisco Partners and Elliott Management.
Toubba added: βOur journey forward as an independent company is filled with excitement and gratitude.β
The company will remain based in Boston, where former parent company GoTo is headquartered, but will be based on its own premises.