Spanish news outlet Expansion reported today that Symantec has acquired Spain’s PasswordBank for €19 million ($25 million). The Next Web then confirmed the acquisition with Symantec, but not the price.
“Symantec has acquired PasswordBank, a company with less than 20 employees based in Barcelona, Spain,” said a Symantec spokesperson. “PasswordBank is an independent provider of multifactor authentication, single sign on (SSO) and user management services.”
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Symantec will use PasswordBank’s ‘expertise’ in single sign on technology to “enhance its secure sign on for web or cloud applications and further enhance its identity and context aware security, a key strategic initiative.”
According to the report [note: full report is paywalled], PasswordBank’s Barcelona HQ is becoming a Symantec ‘innovation center’, with employees in the US and Asia being brought into the security company’s own premises. The report says that 90% of staff have been retained following the deal. Symantec did not release any additional details of the deal, including the dollar amount.
PasswordBank provides ‘identity-as-a-service’ solutions, such as single sign-on, for the enterprise market. It’s easy to see how this could fit into Symantec’s product range.
The startup was founded in 2008 and raised a total of $3.5 million in funding according to CrunchBase.
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