Remote-access firm LogMeIn Inc. said Friday that it would buy password-management company LastPass for $110 million in a move to beef up its position in the identity and access-management market.

The Boston-based company said it expects to complete the cash transaction in the coming weeks. In addition to the $110 million price tag, LogMeIn said it would pay up to $15 million in cash milestone and retention payments to equity holders and key LastPass employees over the two years following the deal's completion.

Once the merger is complete, LogMeIn said it expects to bring capabilities of its early identity management investments, including those of fellow identity management service Meldum—which LogMeIn acquired last year—to LastPass. LogMeIn suggested that LastPass and Meldum would eventually operate under one line that is centered around LastPass's service and brand.

LogMeIn went public in 2009 at $16 a share. Intel Capital was among early investors in the company that allows users to remotely log in and control any Internet-connected device from distant locations. Shares in the company have steadily climbed since early 2013, boosted by double-digit revenue growth. On Thursday, the stock closed at $71.20.

Write to Lisa Beilfuss at lisa.beilfuss@wsj.com

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(END) Dow Jones Newswires

October 09, 2015 09:55 ET (13:55 GMT)

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