Ryan Reynolds-backed 1Password tops $400 million in ARR
Ryan Reynolds (L), Scarlett Johansson (C) and Matthew McConaughy
Reuters
1Password, the cybersecurity startup backed by Ryan Reynolds, Matthew McConaughey and Scarlett Johansson, has annual recurring revenue of more than $400 million, the company said Thursday.
“We believe we’re at a pretty significant inflection point in our journey,” CEO David Faugno told CNBC. “We’re ready for this next wave of disruption, and I think this is an even bigger opportunity for us.”
Faugno said he expects the company to surpass a billion dollars in ARR in the next “couple of years,” capitalizing on the shift in the threat landscape driven by artificial intelligence and more complex protection needs.
In 2023, 1Password announced that it had exceeded this limit. $250 million in ARR.
AI innovation has accelerated the demand for better cybersecurity tools to counter sophisticated and sophisticated cyberattacks. great deals Palo Alto Networks And Alphabetand initial public offerings Netskope And Sailing Point also put the sector under the spotlight.
Toronto-based 1Password was founded in 2005 and is a prominent IBM’sPerplexity AI, Salesforce and the Golden State Warriors are among its customers and have also inked a deal. multi-year agreement With Formula 1 team Oracle Red Bull Racing. The company says it has secured more than 1.3 billion human and machine credentials and works with 180,000 business customers.
Also on Thursday, 1Password announced it had hired former ChargePoint and Barracuda Networks executive Michael Hughes. Former Qualtrics and SAP executive John Torrey will join as chief operating officer.
Both executives complement the company’s strategy to attract larger corporate clients, Faugno said.
In the past year, 1Password has undergone a major shakeup among senior executives.
long time leader Jeff Shinerwho led 1Password for 13 years, became executive chairman of the board in July. Faugno promoted to co-CEO few months agohe only took over the role at that time. Faugno joined 1Password in 2023 as president and chief operating officer.
To date, 1Password has raised approximately $950 million and is valued at $6.8 billion, according to Pitchbook data. Other investors include actor Justin Timberlake, comedian Trevor Noah, CrowdStrike CEO George Kurtz and investment firm Iconiq, according to Pitchbook.
Faugno told CNBC that the company is weighing a possible IPO in 2026 or 2027 but is “in no rush to go public.” He said 1Password is focused on providing the best tools to its customers.
“We control our own destiny,” he said. “From a profitability perspective, we have investors who are playing a long-term game with us.”
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