Intel announces acquisition of Montral-based PasswordBox
California-based Intel announced the acquisition of PasswordBox, a Montréal-based provider of digital identity management services. PasswordBox, which employs about 50 people in Montréal, will become a part of the Safe Identity organization within Intel Security Group.
“Intel Security and PasswordBox share the same goal of improving digital identity protection across all devices and platforms. We believe we have the technology, expertise and reach to bring simple, secure access to consumers worldwide,” says Chris Young, senior vice-president and general manager of Intel Security Group.
With this acquisition, Intel now has technology that enables users to log into various websites.
“PasswordBox has spent the last two years building a product that people love, trust and use around the world every day,” says Daniel Robichaud, CEO and co-founder of PasswordBox. “We share Intel Security’s vision of simple, secure access and identity protection across all platforms and devices. Together, we believe we can offer our customers world-class technology, expertise and support to bring such access anywhere – all backed by Intel.”
Intel also plans to make a long-term investment in developing its Montréal operations by leveraging the local qualified, bilingual and highly creative workforce.
“The strength of Québec’s Information and Communications Technologies industry lies in the creativity of its workforce. Major companies set up in the region because they are drawn by our know-how and ability to innovate. Our government is proud to announce this new partnership between Intel and Montréal-based PasswordBox, which will continue to position Québec as a world leader in the industry,” stated Jacques Daoust, Minister of the Economy, Innovation and Exports.
“By attracting major players to Montréal, we are making sure that the city becomes a global force in this fast-growing industry. Today Montréal has shown once again that its businesses are driven by creative energy and strategic vision—two key ingredients for sustainable economic growth that generates wealth for the entire province,” added Robert Poëti, Minister of Transport and Minister responsible for the Montréal region.
“Montréal is powered by its creativity and know-how but it also needs modern digital infrastructures to establish ongoing citizen dialogue and seize every business opportunity that comes its way. That means that Montréal must become a connected city with a reliable network,” said Denis Coderre, Mayor of Montréal and Chair of the Communauté métropolitaine de Montréal. “Intel Security’s expertise will benefit all Montrealers, helping them live and work more efficiently and securely in the digital world,” added Coderre.
The arrival of a global giant like Intel, which touts innovation as the core of its business strategy, will enhance the attractiveness of Greater Montréal and Québec among ICT corporations and multinationals and provide a boost to one of our region’s key industries,” said Dominique Anglade, President and CEO of Montréal International. “What’s more, this acquisition will help showcase Québec’s unique, creative talent which, combined with Intel Security’s know-how, will have a positive impact on millions of people around the world.”
A 2013 study by consulting firm Deloitte showed that over 90% of passwords created by users are vulnerable to hacking, and the 10,000 most common passwords can give you access to nearly 98% of all accounts. According to a report by Experian last year, the average user has 26 password-protected online accounts but only uses five different passwords. In fact, nearly 37% of users request assistance with their user name or password for at least one website every month. Intel Security and PasswordBox will work together to rid these issues.