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Security firm Symantec acquires California based PasswordBank for $25 million

One of the global leaders in providing security, storage and systems management solutions, Symantec has recently acquired US based Password Bank for an estimated amount of $25 million, as reported by TheNextWeb.

Headquartered in Silicon Valley and Barcelona, PasswordBank provides a unique Identity-as-a-Service (IDaaS) platform, delivering the solution in three modes (SaaS, On-Premise and Hybrid) for Mac, Windows and Linux users.

As per the reports, Symantec aims at utilizing PasswordBank’s ‘expertise’ in single sign on technology to enhance its secure sign on for web or cloud applications and further enhance its identity and context aware security, a key strategic initiative.

Also, the company’s Barcelona HQ will now become a Symantec ‘innovation center’. The other details of the deal are still kept undisclosed.

Founded in 2008, PasswordBank has raised around $3.5 million till date.

Symantec, one of the world’s largest software companies, is currently having more than 18,500 employees in more than 50 countries. In March 2012, Symantec also acquired another SaaS Archiving service LiveOffice for an amount of $115 million.

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