LogMeIn announced on Tuesday that it is spinning off password manager LastPass into its own company.

The cloud-based solutions company explained that the move allows LastPass to invest heavily in "customer experience, go-to-market functions and engineering" as a way to improve its "organic growth in password management," Single Sign-On (SSO) and multi-factor authentication (MFA). 

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The separation will also help speed up the changes moving forward, with LastPass expecting customers to see the changes in 2022. 

LogMeIn said LastPass currently has more than 30 million users and 85,000 business customers across the world. LastPass has grown significantly in recent years, with more than 50% revenue CAGR over the last three years. 

LogMeIn CEO Bill Wagner said the scale, growth, and market position of LastPass make it "a perfect candidate to seize new opportunities as its own standalone company." 

"Today's announcement also reflects our strategic priority to strengthen and invest in our flexible work enablement portfolio across unified communications and collaboration and IT management and support," Wagner added. 

LogMeIn owns several other products, including GoToConnect, GoToMeeting and Rescue. 

Investor Andrew Kowal, a partner at Francisco Partners, noted that LogMeIn saw an opportunity to "unlock the full potential" of LastPass and improve the service's offerings to customers. 

In a message to users, LastPass reiterated that it could "strategically increase investment and support" in its mission as an independent company. 

"You will start to see an enhanced LastPass, on an accelerated timeline. We are working on faster, seamless save and fill, a delightful mobile experience, and even more third-party integrations for businesses, among many other updates," LastPass told users. 

"This is the same great product, now with even more focus on keeping your data safe."

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