The number of people who converted to premium surpassed the company’s expectations.
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Wagner acknowledged that some free users left the service, though millions remain.
“Our feedback was that they were willing to pay for it.” LastPass premium features include dark web monitoring, emergency account access options and a security dashboard monitoring weak passwords. “Some of the features that our free users wanted are our premium features, or they wanted features that we didn’t yet offer and needed to invest in to deliver,” Wagner said. Referencing the February frustrations, Wagner said LastPass’ customers aren’t afraid to relay their feedback, and that customer reviews have since improved. “I think it was more about giving LastPass the chance to focus and be an independent market leader.” “I would not say it was designed to separate from the LogMeIn name,” he said. Wagner said separating LastPass has nothing to do with this initial backlash. The complaints were reminiscent of those leveled at LogMeIn back in 2015 after its $125 million acquisition of LastPass. But the company has received flack for limiting its free users to one device in March, and for hiking the premium plan’s price with little warning two years in a row. The tool boasts more than 30 million individual users and 85,000 businesses.
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Launched in 2008, LastPass is popular, frequently at the top of “best password manager” lists. Wagner can’t talk specifics for competitive reasons, but promised “noticeable new features.” Some focus areas include stronger customer service, more integrations for businesses and better tech all around (it plans to double the number of engineers next year). It hopes to announce a new CEO in the first quarter and build out the workforce throughout the year. LogMeIn announced the news Tuesday, and plans to begin the separation process in earnest in January. Creating a dedicated, standalone LastPass company will help drive focus, Wagner said. LogMeIn, a SaaS tools company, has too many products to list. “We need to make investments that increase the pace of innovation.” “The password problem has actually gotten worse through the pandemic because more people are online than ever,” LogMeIn CEO Bill Wagner told Protocol.
LogMeIn decided spinning off LastPass, its freemium password manager, into its own company is the best way to do this. Reducing our reliance on homegrown passwords is going to require a lot of work. Who knew a little string of letters and numbers could be so hard to manage? In 2020, nearly half of all Americans said they would not use a password manager. Despite our many attempts to organize unique and memorable passwords, many of us are still using the same thinly-veiled dictionary words for all of our accounts.
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