Lookout announced the acquisition of SaferPass, an innovative password management company that provides secure online identity solutions for individuals and businesses.
By adding password management technology to its suite of security solutions, Lookout expands its mission to provide proactive protection and protect customer data for individuals and businesses.
Whether shopping online, banking, or logging into corporate apps and email, usernames and passwords have become the standard form of authentication to validate the identity of a user and allow access to sensitive information. Passwords can be difficult to use and incredibly insecure, especially in cases where a user has many accounts. On average, people have over 100 accounts with an associated password to remember.
Additionally, human-generated passwords are often algorithmically weak; according to the Verizon Data Breach Investigations report, 81% of data breaches used weak, stolen, or reused employee passwords, and every time a password is reused, it opens the door to a data breach potential. Additionally, nearly 64% of people reuse the same passwords on their online accounts. If login credentials are compromised, the consequences can be serious, including theft of personal identity or theft of corporate information.
SaferPass offers a robust and innovative solution for identity and password management to individuals and businesses, allowing users to securely manage their passwords, banking information and other sensitive information across all devices. The SaferPass solution provides an encrypted digital vault that stores secure login credentials used to access services through mobile apps and web browsers.
In addition to protecting a user’s identity, credentials and sensitive data, the product helps create strong and unique passwords through a password generator tool that ensures that the individual does not not use the same password in more than one place and that their password has not been compromised in a previous breach.
According to Mordor Intelligence, the password management market alone was valued at over $1.2 billion in 2020 and is expected to reach over $3 billion by 2026.2
“We are thrilled to welcome the SaferPass team to Lookout and excited to combine our respective solutions to deliver better value to consumers and businesses,” said Jim Dolce, CEO of Lookout. “Today, every password held by an employee is a potential access point for businesses large and small. Meanwhile, large-scale data breaches have leaked billions of consumer emails and passwords onto the dark web, putting individuals at risk of identity theft and financial fraud. . The SaferPass team shares our vision of providing seamless security solutions that address all endpoints and protect personal and corporate data wherever it resides. This is an exciting next step in the evolution of Lookout.
The acquisition of SaferPass expands Lookout’s portfolio of security solutions and expands opportunities for its carrier ecosystem and channel partners. It is also expanding Lookout’s footprint in Central Europe with its new location in Bratislava, Slovakia. SaferPass will now operate under the Lookout brand and management and the SaferPass team will be fully integrated into the Lookout organization. The financial terms of this transaction were not disclosed.