CEO Dan Robichaud and his team at Montreal’s PasswordBox just keep chugging along following its big $6 million funding announcement last week. Today the startup has acquired Legacy Locker, the San Francisco-based startup run by fellow Montrealer Jeremy Toeman.
The acquisition focuses on PasswordBox’s interest in digital life after death. Recent numbers from Facebook estimate that there are 10-20 million people with created profiles who have died, yet continue to “live” on Facebook, while any funds left on a PayPal account following a persons death cannot be retrieved.
In comes Legacy Locker, the “first-to-market digital legacy solution” that acts as a safe, secure repository for digital property. It lets users grant access to online assets for friends and loved ones in the event of loss, death, or disability.
“Digital death is a growing pain point that most of us don’t want to think about, yet we are storing more and more of our lives online each day,” said Robichaud. “Four months ago, we came to market with a product that not only remembers your passwords for you, but one that offers secure one-click login and the ability to collaborate with co-workers and friends without divulging passwords. Our biggest differentiator was our ability to name a digital heir so in the event something happens, your digital assets are protected. This acquisition with Legacy Locker allows us to gain market share and cements our position as the most comprehensive digital management solution on the market.”
During a “legacy transfer”, where password information is passed on to a loved one, the user’s data is always encrypted and never accessible, even by PasswordBox employees. The only time a user can view a readable version of their data is on their device after they’ve logged in to their PasswordBox.
According to a recent McAfee survey, on average, online consumers have $55,000 in digital assets including photos, projects, hobbies, personal records, work info, entertainment, social media and email. PasswordBox gives users total control of their entire digital life.
“Since our entrance into the market, the adoption of smartphones, iPads, online banking and social media has expedited the accumulation of digital assets,” said Toeman. “We helped fill a growing unmet need in the market then. Now our customers will benefit from the next wave of technology…ensuring their digital afterlife is still being protected.”
PasswordBox allows users to securely store, retrieve, create and share passwords on any device. The PasswordBox mobile app includes one-tap log-in capabilities to quickly access websites and apps without having to memorize or enter your passwords. “We hear a lot about identity theft and cyber crime, but we are just scratching the surface with the issue of the digital afterlife,” said Legacy expert Richard Bruno. “While no one really wants to face their mortality, it’s worse for our families when we don’t pre-plan. The beauty of PasswordBox is it takes care of securing your passwords now and later.”