Toronto-based cybersecurity company 1Password has surpassed $400 million USD in annual recurring revenue, up from $250 million last year, while remaining free cash flow-positive. CEO David Faugno said the company is profitable and “could be public today,” though it will wait for greater predictability in the AI market before pursuing an IPO.
The 1,400-person firm serves 180,000 businesses, including nearly one-third of the Fortune 100. Recent leadership hires include president Michael Hughes and chief business officer John Torrey. Founded in 2005, 1Password continues expanding its AI-driven access management platform as it moves toward $1 billion in annual revenue.
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