Boston, MA 12/03/2014 (wallstreetpr) – Intel Corporation (NASDAQ:INTC) moved to acquire PasswordBox, a startup that offers password management solutions. The move is expected to help the chipmaker bolster its security offerings, according to CNET. Intel has in the recent times tried to diversify its revenue stream and a strong presence in security space is one of its main agendas. As such, the acquisition of PasswordBox is a strategic move by Intel.
$12 per year service
The financial details in the acquisition of PasswordBox were not disclosed. However, it is known that PasswordBox is a fast-growth startup that launched in mid-2013 and has attracted millions of faithful users. The startup boasts over 14 million subscribers going by the number of times that the app has been downloaded since its launch. The service asks for a payment of $12 per year to enjoy its top-notch password protection.
PasswordBox offers a security service that allows users to securely store their log-in credentials so that they can log in to websites and apps without having to enter their credentials manually. Additionally, the service allows users to create strong or even complex passwords without worrying about remembering the same.
Intel Corporation (NASDAQ:INTC) intends to add PasswordBox to its security-focused division known as Intel Security, which emerged from the rebranding of what was known as McAfee. Intel acquired McAfee in 2011 and it has in the recent times been building on McAfee reputation to enhance its security division.
Free service until new release
Following the acquisition of PasswordBox, Intel Corporation (NASDAQ:INTC) announced that the existing and new users of the service will enjoy free protection up until a new product is released. According to Intel executive Mark Hocking, Intel Security and PasswordBox share a goal in improving the protection of Web users across multiple platforms. The executive also highlighted the almost constant data large scale data breaches that have happened this year and the existing threat for technology users.
Intel Corporation (NASDAQ:INTC) was downgraded to “Underperform” from “Market perform” at Bernstein Research, according to TheStreet. The analysts at Bernstein Research raised questions about Intel’s gain in the PC market in the recent report. That happened at a time when PC market continued to shrink overall.
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