Symantec Buys PasswordBank For $25 Million

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Online security Symantec has acquired PasswordBank for €19 million ($25 million).  Symantec plans on using PasswordBank’s single-sign on technology to secure sign on for web and cloud applications.  PasswordBank’s headquarters in Barcelona will be used as a Symantec “innovation center.”  Around 90% of PasswordBank’s staff members have been retained.

“Symantec has acquired PasswordBank, a company with less than 20 employees based in Barcelona, Spain,” stated a Symantec spokesperson. “PasswordBank is an independent provider of multifactor authentication, single sign on (SSO) and user management services.”

Founded in 2008, PasswordBank raised a total of $3.5 million in funding.

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