Secure enterprise password and account management. (acquired by LogMeIn NASDAQ: LOGM)
LogMeIn, a company that provides remote connectivity solutions to businesses and individuals, announced today that it has acquired Meldium, a Y-Combinator alum that specializes in single-sign on and other identity management services. Publicly traded LogMeIn says it is paying $15 million in the deal for BBA, the name under which Meldium is incorporated. The price includes both a cash payment and a performance and retention-based earn out.
Meldium is a YC-incubated venture that helps small businesses securely share access to various apps. Using the tool, companies can let its workers auto-login to the commonly used apps. Meldium is a great replacement for the use of spreadsheet, which is used to record all log-in details and is shared among workers without much safety.
Saving and remembering passwords is troublesome, and at times, dangerous from a security standpoint. That becomes even more of a problem when you’re a company managing several different cloud-based accounts. That’s where San Francisco-based Meldium wants to help. The startup, which was founded last August in Seattle by former Microsoft and Amazon employees, just landed $1 million in fresh funding from Seattle-based Founders Co-op and Draper Associates.
You run 18 different web apps — so do you know where your passwords are? I thought not. Meldium now has funding to help solve that problem for you.
Meldium, a company that’s set to graduate next month from Silicon Valley startup incubator Y Combinator, has created a way for small- to medium-sized businesses and teams to securely share access to all the apps they use.