PasswordBox has bought Legacy Locker, a specialist in online accounts management based in San Francisco, for an undisclosed sum. The company said the deal gives it a deeper reach for providing digital life management services to estate planners and existing Legacy Locker customers. PasswordBox’s announcement came on the heels of last week’s closing of a US$6 million Series A financing round. That round was led by OMERS Ventures, with participation from angel investors. With offices in San Francisco and Montréal, PasswordBox is a password manager that allows users to securely store, retrieve, create and share passwords on any device.
PasswordBox® Acquires Legacy Locker
After closing $6M, PasswordBox furthers its digital life management solution
SAN FRANCISCO, Nov. 20, 2013 /PRNewswire/ — PasswordBox today announced its acquisition of Legacy Locker, the first-to-market digital legacy solution. The acquisition follows the recent announcement that PasswordBox has raised $6 million, led by OMERS Ventures and several Silicon Valley angel investors, including two Facebook executives.
The acquisition of Legacy Locker gives PasswordBox a deeper reach into providing its digital life management services to estate planners and existing Legacy Locker customers. According to a recent McAfee survey, online consumers have $55,000 on average in digital assets, including photos, projects, hobbies, personal records, work info, entertainment, social media and email. PasswordBox is the only free service to manage your online accounts during life and after.
“Digital death is a growing pain point most of us don’t want to think about, yet we are storing more of our lives online each day,” said Dan Robichaud, PasswordBox CEO. “We came to market four months ago with a product that not only remembers your passwords for you, but one that offers secure one-click login and the ability to collaborate with co-workers and friends without divulging passwords. Our biggest differentiator is our ability to name a digital heir so your digital assets are always protected if anything happens. This acquisition allows us to gain market share and cements our position as the most comprehensive digital management solution on the market.”
Even during a legacy transfer, the user’s data is always encrypted and never accessible even by PasswordBox employees. PasswordBox has a patent-pending end-to-end encryption sharing system with a trigger release process, so the only time a user can view a readable version of their data is on their device after they’ve logged in to their PasswordBox.
“Over the past four years, we have taken the market by storm with our online safety deposit box for internet passwords,” said Jeremy Toeman, Founder of Legacy Locker. “Since our entrance into the market, the adoption of smartphones, iPads, online banking and social media has expedited the accumulation of digital assets. We helped fill a growing unmet need in the market then. Now our customers will benefit from the next wave of technology that will allow them to manage their current digital life, while ensuring their digital afterlife is still being protected too.”
PasswordBox allows you to securely store, retrieve, create and share passwords with ease and efficiency on any device. The PasswordBox mobile app includes one-tap log-in capabilities to quickly access websites and apps without having to memorize or enter your passwords. With complete end-to-end encryption, people can safely collaborate with friends, family or co-workers and share accounts from any device. You can also create secured notes, while keeping track of passport, credit card or other sensitive data in a digital wallet anytime, from anywhere without having to worry about identity theft.
“We hear a lot about identity theft and cyber-crime, but we are just scratching the surface with the issue of the digital afterlife,” said Legacy expert Richard Bruno. “While no one really wants to face their mortality, it’s worse for our families when we don’t pre-plan. The beauty of PasswordBox is it takes care of securing your passwords now and later.”
About Legacy Locker
Legacy Locker (www.legacylocker.com) is the safe, secure way to pass online accounts to friends and loved ones. Founded in 2008 by Jeremy Toeman and Adam Burg, Legacy Locker Inc. is a privately held company based in San Francisco, CA. In April, 2009, the company publicly launched to consumers and professional estate planners to include digital assets as an effective part of estate planning.
With more than one million active users, PasswordBox is the only free password manager that helps people securely store, retrieve, create and share passwords anytime, anywhere, and on any device. Keep your online identity safe and say goodbye to multiple user names and passwords that are impossible to remember. Your PasswordBox master password is the only one you’ll ever need. PasswordBox includes secure one-click sharing, a strong password generator and a legacy feature to entrust your digital life to a loved one after you pass. For more info, go to www.passwordbox.com.
Eye-To-Eye Communications Inc.
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