Boston-based remote access software provider LogMeIn (LOGM) has added an identity and access management (IAM), password management and single sign-on (SSO) technology provider to its IT portfolio.

LogMeIn has acquired San Francisco-based startup company Meldium for $15 million in cash, a portion of which is performance- and retention-based and is expected to be paid over time.

“The acquisition immediately expands our popular IT portfolio with an elegant SSO offering while introducing a natural extension of the identity, cloud app and device management capabilities in our other IT management products,” LogMeIn CEO Michael Simon told Talkin’ Cloud. “As a result, the deal is expected to build upon and accelerate one of our key strategic growth drivers: Empowering IT professionals with the tools they need to embrace, manage and secure today’s cloud-centric, consumerized workplace.”

Meldium helps companies manage access to nearly 1,500 cloud apps that are frequently used in the workplace, including:

This San Francisco-based startup “offers a simple, secure way for teams and entire companies to manage passwords and accounts for popular business and personal cloud applications,” according to LogMeIn.

Simon said he believes the acquisition highlights his company’s mission to find new ways to create value for small and medium-sized businesses (SMBs).

“The Meldium team and technology present a great opportunity for us to expand the offerings we can provide,” he said. “We believe identity management represents a compelling opportunity for both us and managed service providers (MSPs) to do just that.”

LogMeIn bolsters its IT portfolio

Rob Bradley, LogMeIn’s director of investor relations, noted Meldium’s SSO capabilities complement the capabilities available in his company’s IT management portfolio.

He added LogMeIn plans to offer standalone SSO while working to integrate Meldium’s SSO capabilities into its other offerings.

LogMeIn also expects Meldium to help its customers address numerous IT challenges, according to Simon.

“We believe the addition of Meldium and SSO — together with the identity and cloud app management capabilities introduced in AppGuru — will accelerate our ability to address some of today’s most pressing IT challenges while positioning us favorably to compete in the fastest growing part of the identity management market,” Simon said in a prepared statement.

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