I think it's obvious...
They want your data, and they'll make the deal looking as sweet as it possibly can.
As Crazy (first poster) already mentioned: it's an online service, so all your stuff will be stored "in the cloud" and you get to hope that they're using a good encryption algorithm. But there's more: using the service like this would also give them a pretty much undeniable trace of all your activities. After all: surely you wouldn't recall a Google password if you weren't really using Google at that time.
That amounts to very precious and verifiable user data, and we all know that there are dozens of companies looking to monetize on that.
I'm not just saying so, just check their Terms of service, I quote: "LMI receives or is otherwise granted access to any Customer personal data while providing the Services, LMI agrees to (i) use such personal data solely for the purposes of providing the Services to Customer; (ii) process the personal data only in accordance with Customer’s instructions, which, unless expressly stated otherwise in a mutually agreed upon amendment to this Agreement, are represented in the form of this Agreement".
So what is required for providing this service? It would be easy to argue that maintaining their cloud is essential for this. And how does one do that? By generating revenue to pay for it. Now, sure, I can see that the intent of this service agreement is most likely different. They're probably referring to storing the data, possible backing it up and making it available again to the user(s). But even so: it doesn't rule out the other options either.