Solutions provider company Symantec recently purchased PassWordBank from Inveready, a Spanish venture capital company that specializes in early-stage investment.

Various news sources reported the transaction to have an estimated value of around USD 25 million.

Symantec spokesperson Elle Hayes commented on the company's new business venture, "Symantec will use PasswordBank's expertise in single sign on technology to extend Symantec's functionality in secure sign on for web or cloud applications and further enhance its identity and context aware security, a key strategic initiative."

PasswordBank specializes in providing sign-on solutions for securing and protecting access to corporate identity. Symantec aims to maximize the company's expertise in single sign on technology to further extend Symantec's protection in secure sign on for cloud or website applications.                                            

The company was honored as one of the top 50 contenders  in " AlwaysOn Global 250 Private Companies 2012."

The PasswordBank is headquartered in Silicon Valley, California.