LastPass was acquired by LogMeIn for $110 million in October 2015, and the private equity arm of Paul Singer’s hedge fund and Francesco Partners offered LogMeIn shareholders a $4.3 billion cash deal to take the software group private. “We still have tens of millions of free users and I don’t expect we will move away from having a free product.” “Our test was what impact would this have on retention rates and of course we saw some people leave LastPass and go to competitors but more than we expected converted to a premium customer,” says Wagner. Wagner says LastPass has grown over 50% on average over the last three years and, while acknowledging the backlash from limiting access to free users, claimed that customer reviews had since rebounded.
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