Really exciting news this past week with VC-backed PasswordBox being bought by Intel. The terms were not disclosed, but all indications point to a nice win for all stakeholders and especially the Montreal startup ecosystem.
Part of the deal is a significant commitment to continue to grow in Montreal which will not only create new tech jobs, but also put a stronger international spotlight on other up and coming Montreal startups.
Furthermore, this acquisition will help line the pockets of many of its senior leaders that will likely in turn become more active angel investors in the community. Some pundits have pointed to this as another example of a large US company quickly buying an emerging Canadian success, PasswordBox having great traction with 14 million downloads of their software to date.
While it is hard to assess the venture’s true potential as an outsider, it is obvious that PasswordBox increases its strategic options and has an unbelievable scaling opportunity by becoming part of the Intel family.
This quick exit will allow PB’s talented entrepreneurial leaders to spawn new ventures in Montreal, adding more fuel in the ecosystem to foster the next $100M+ venture over the next decade. Bravo PasswordBox et Montreal!
