Intel buys PasswordBox

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Intel buys PasswordBox

Chip company's security unit buys into password management.

Intel has bought into password management after acquiring PasswordBox, a Montreal-based identity management service that gives users a more 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 world's largest chipmaker said PasswordBox will become part of the Safe Identity organisation within Intel Security Group, which focuses its efforts on simplifying and strengthening security by delivering ideas that reduce the pain of having to memorise dozens of passwords. 

Earlier this year, Intel rebranded security software maker McAfee, which it acquired for about US$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 US$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. 

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