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Intel acquires Canadian IT security firm PasswordBox

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[December 01, 2014] TORONTO (Reuters) - Intel Corp said on Monday it has acquired PasswordBox, a Montreal-based identity management service that gives users a convenient way to log into websites and applications from any device without having to type or remember passwords.

The purchase price for the privately held Canadian start-up was not disclosed.

The Santa Clara, California-based chipmaker said PasswordBox will become part of the Safe Identity organization within Intel Security Group that is focused on simplifying and strengthening security by delivering ideas that reduce the pain of having to memorize dozens of passwords.

Earlier this year, Intel rebranded security software maker McAfee Inc, which it acquired for about $7.7 billion in 2011, as Intel Security Group.

PasswordBox, founded in 2012, has already been downloaded 14 million times and this year it won best mobile app at CES - a huge annual consumer electronics tradeshow in Las Vegas.

The tech start-up last year secured $6 million in a Series A venture funding round led by the OMERS Ventures.

Intel's acquisition of PasswordBox is effective immediately and all 48 employees of the start-up are now a part of the Intel Security Group.

PasswordBox is the latest venture of Canadian entrepreneur and former radio host Daniel Robichaud. Back in 2010 he sold his earlier venture, a radio streaming service called StreamTheWorld to Triton Digital Media.

(Reporting by Euan Rocha Editing by W Simon and Chizu Nomiyama)

[ 2014 Thomson Reuters. All rights reserved.]

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