Symantec Buys PasswordBank from Inveready

Symantec, a provider of security, storage and systems management solutions, has acquired PasswordBank. The transaction was valued, as reported by various news sources, for $25 million. According to Symantec spokesperson Ellen Hayes, “Symantec will use PasswordBank’s expertise in single sign on technology to extend Symantec’s functionality in secure sign on for web or cloud applications and further enhance its identity and context aware security, a key strategic initiative.” Headquartered in Silicon Valley, PasswordBank, which was backed by Inveready, is an Identity-as-a-Service platform.