Lookout, Inc., a provider of endpoint and cloud security solutions, announced the acquisition of SaferPass, a forward-thinking Password Management company that offers secure online identity solutions to both consumers and businesses.
Lookout is expanding its mission to provide proactive protection and safeguard customer data for individuals and businesses by adding Password Management technology to its suite of security solutions.
“We are pleased to welcome the SaferPass team to Lookout, and excited to combine our respective solutions to deliver better value to consumers and businesses alike,” said Jim Dolce, Lookout CEO. “Today, every password owned by an employee is a potential access point to organizations both small and large. 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. This is an exciting next step in Lookout’s evolution.”
Passwords can be difficult to remember and extremely insecure, especially when a user has multiple accounts. On average, people have more than 100 accounts to remember passwords for. Furthermore, human-generated passwords are frequently algorithmically weak; according to the Verizon Data Breach Investigations Report, 81% of data breaches leveraged weak, stolen, or reused employee passwords, and every time a password is reused, a potential data breach is opened.
Additionally, nearly 64% of people reuse the same passwords across their online accounts. If login credentials are compromised, the consequences can be serious – including personal identity theft or stolen corporate information.
SaferPass provides both consumers and businesses with a robust, innovative solution for identity and password management, allowing users to securely manage their passwords, banking, and other sensitive information across devices.
SaferPass provides an encrypted digital vault in which secure login information used to access services via mobile apps and web browsers is stored. Aside from safeguarding a user’s identity, credentials, and sensitive data, the product also assists in the creation of strong, unique passwords via a password generator tool, ensuring that the individual is not using the same password in multiple places and that their password has not been compromised in a previous breach.
The acquisition of SaferPass broadens Lookout’s portfolio of security solutions and expands opportunities for its carrier ecosystem and channel partners; it also expands Lookout’s footprint in Central Europe with the opening of a new office in Bratislava, Slovakia.
SaferPass will now be operated and led by Lookout, and the SaferPass team will be fully integrated into the Lookout organization. The transaction’s financial terms have not been disclosed.
