Companies purchase other companies all the time. Sometimes it’s because they just want to get rid of the competition, and sometimes it’s because they want the company and the product that they’re selling, and sometimes because the other company would complement their current business very well. According to a recent report, it seems that Twitter has recently acquired a password security startup called Mitro earlier this week, making it the second acquisition Twitter has made this week when they acquired Madbits.
Twitter just scooped up password security startup Mitro, its second acquisition this week. Mitro is a secure password manager that lets users share password information within specified groups. The software uses encryption to ensure passwords stay safe. Rather than shut down the service, Twitter is transitioning the product into an open-source project. “As of today, we are releasing all of Mitro’s server and client code under the GPL license on Github,” a message on Mitro’s site reads. The company will be seeking advice from the Electronic Freedom Foundation on turning to service into a community run project. In short, this was likely a talent grab. Before being acquired, Mitro raised a total of $2.4 million dollars with Google Ventures and Matrix Partners contributing during its seed round. The purchase comes less than 24 hours after another buy. Is Twitter on a little late summer buying spree? Back-to-school shopping, perhaps? (Ha ha.) Yesterday, Twitter acquired deep learning tech startup Madbits. The startup emphasized its focus imaged-based learning in a post on its site.