1Password passes US$500 million in annual recurring revenue

Toronto’s 1Password, which makes software that secures sign-in credentials, said it has passed US$500 million in annual recurring revenue, up from US$400 million a year earlier. That measure, ARR, is the yearly value of subscriptions a company expects to keep collecting. Businesses supply more than 75% of it; the firm added about 20,000 business customers, for more than 200,000.

BetaKit reported that it has about 1,400 employees. Chief executive David Faugno told BetaKit that accelerating at this size reflects the influence of artificial intelligence (AI).

BetaKit reported that Mr Faugno said sales must become more predictable before an initial public offering, the first sale of shares to the public. He gave no detailed timeline.

Toronto’s unemployment rate, covering the city and its suburbs, was 6.9% in September, down from 8.8% a year earlier, according to Statistics Canada. Ontario’s was 6.9%, down from 7.8%; Canada’s was 6.5%, down from 7.0%.

Sources: BetaKit · 1Password · Statistics Canada