The separation, which was first announced in December 2021, represents a significant milestone for LastPass as it embarks on its journey as a standalone entity. The move comes after a series of high-profile attacks that prompted the company to prioritize enhancing its security measures to better protect user data. LastPass is committed to fortifying its defenses to ensure the utmost security for its customers.
LastPass’s Journey Towards Independence
Following the cyber attacks that targeted LastPass and involved the theft of source code and customer information, the company implemented stricter security protocols, including the enforcement of a 12-character minimum password requirement. Despite facing criticism over the security breaches, Karim Toubba, the former CEO, now leads the newly separated company.
Toubba expressed his optimism about the split, stating, “Together, we are all committed to delivering solutions that never compromise on security, quality, or performance, thereby setting new standards in the cybersecurity landscape for the benefit of our customers, employees, and the industry as a whole.”
LastPass has made significant investments in building its dedicated threat intelligence team, which has played a pivotal role in reducing the availability of stolen credentials by infostealing malware by 98% in 2023. The company also announced its strong financial standing, paving the way for future investments in technology and research and development.
The ownership of LastPass has transitioned to private equity sponsors Francisco Partners and Elliott Management. Toubba emphasized the company’s excitement about its independent future and expressed gratitude towards all stakeholders involved.
While LastPass remains rooted in Boston, the location of its former parent company, GoTo, it now operates from its own premises in a move symbolizing its newfound independence.
