Cybersecurity startup 1Password, backed by Ryan Reynolds, Matthew McConaughey and Scarlett Johansson, has topped more than $400 million in annual recurring revenue, the company said Thursday.
“We believe we’re at a pretty significant inflection point in our journey,” CEO David Faugno told CNBC. “We’re set up for this next wave of disruption, which I think is an even bigger opportunity for us.”
Faugno said he expects the company to surpass a billion dollars in ARR over the next “several years,” benefiting from a shift in the threat landscape due to artificial intelligence and more complex protection needs.
In 2023, 1Password announced that it had surpassed $250 million in ARR.
AI innovation has accelerated demand for better cybersecurity tools to counteract sophisticated and complex cyberattacks. Big deals from Palo Alto Networks
