(Photo by Wikimedia Commons user Santeri Viinamäki, used under Creative Commons license)
With the deal, TeamPassword will remain a standalone brand. CEO Brian Sierakowski is joining Jungle Disk and said he will be moving to San Antonio in the coming months. Terms were not disclosed.
TeamPassword was initially developed at a Startup Weekend event in Baltimore in 2012, where it was named the winning venture. The company later incorporated and Sierakowski went full-time with the company two years ago after stints at OrderUp and SmartLogic. He was the lone full-time employee of the company at the time of the acquisition, working with a dozen contractors.
The password management app helps companies like startups, dev shops and agencies share passwords, which are climbing into the hundreds at many locations. The startup received $100,000 in funding from TEDCO’s Cybersecurity Investment Fund, and also got assistance from tech marketing leader Heather Fields through TEDCO’s Loaned Executive Program. As of the fall, the app was reaching 14,000 users and Sierakowski said there was very little churn.
The path toward the acquisition started for Sierakowski at SaaS Fest in December, looking at the next set of milestones that he laid out with help from Fields. Finding a larger company as a partner, he said, would help get to those goals faster.
The acquisition with Jungle Disk came together in the months since. In fact, Sierakowski said the intro was made by someone who initially passed on TeamPassword.
Jungle Disk focuses on cloud-based cybersecurity, and is interested in providing a range of services to businesses that can help keep data safe. The company also acquired Canadian startup SafetyNet, which provides security for QuickBooks.
“If we can do a better job of bundling those things together, we can reduce the amount of decisions that companies need to make,” Sierakowski said, adding that the deal is a “really good fit as far as including TeamPassword as part of a larger suite.”
In the immediate term, Sierakowski will be integrating TeamPassword with the new company, with support from Jungle Disk employees. That company has a team of 30 people. Sierakowski said he doesn’t expect much to change.
“TeamPassword was designed specifically for businesses sized up to 250 employees so there is complete customer alignment between our two businesses,” Brett Piat, CEO of Jungle Disk, said in a statement. “Their password management services make life for business owners both easier and safer.”
A familiar face around tech events, Sierakowski said he is looking to establish virtual channels to stay connected to Baltimore’s tech community and provide mentorship as he is preparing to move.-30-
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