Toronto-based password manager 1Password says it has passed $400 million US ($561 million CAD) in annual recurring revenue and remains cash-flow positive, as more companies turn to its platform to secure both human and AI system credentials.

The company says over 75% of its revenue now comes from business customers, up sharply as organizations use 1Password to manage identity, access, and governance across software, devices, and AI tools.

1Password now secures more than 1.3 billion credentials and serves 180,000 business clients, including about 30% of Fortune 100 firms and names like Slack, Stripe, Canva, IBM, Salesforce, and Hugging Face.

The firm also announced new leadership moves, naming Michael Hughes as President and John Torrey as Chief Business Officer. Both will focus on globa

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