Symantec Buys PasswordBank For $25 Million

Posted Jul 19, 2013

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.