Baltimore startup TeamPassword was bought by Texas-based data security firm Jungle Disk, according to the companies, which did not disclose the terms.
Jungle Disk officials said the acquisition will allow the company to offer additional services to small businesses, including help generating secure unique passwords and easy-to-use password management. The officials pointed to a recent report found more than 80 percent of hacking-related breaches are due to stolen or weak passwords. And the number of passwords each person maintains continues to grow.
The tool from TeamPassword, launched in 2012, is cloud-based and allows users to manage and securely share passwords with other employees. Depending on the number of users, plans cost $150 to $1,000 annually.