Chipmaker to the stars, Intel has written a cheque for PasswordBox which is a Montreal-based identity management service. PasswordBox gives users a way to log into websites and applications from any device without having to type or remember passwords.
No one is saying how much Intel paid for the outfit, but PasswordBox will become part of the Safe Identity organisation within the Intel Security Group. Intel rebranded security software maker McAfee 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 trade show in Las Vegas. The tech security company's co-founder and Chief Executive Daniel Robichaud said his goal is to get to a billion users.
Last year the outfit secured $6 million in a Series A venture funding round led by OMERS Ventures, the venture capital arm of Ontario Municipal Employees Retirement System, one of Canada's largest pension funds with over $57.40 billion in net assets. Intel's acquisition of PasswordBox is effective immediately and all 48 employees of the start-up are now a part of the glorious Intel empire.