Michael Hughes joins as President and John Torrey joins as Chief Business Officer to drive global growth as 1Password becomes the trust layer for human and AI identities

1Password, a leader in identity security, today announced strong business momentum, surpassing $400 million in annual recurring revenue (ARR) while remaining free cash-flow positive. The company also appointed Michael Hughes as President and John Torrey as Chief Business Officer to further accelerate global growth and capture the expanding opportunity in identity security and agentic AI.

More than 75% of the company’s revenue now comes from businesses, as organizations adopt 1Password to unify identity, access, and governance across SaaS, devices, and AI agents. Today, 1Password secures more than 1.3 billion human and machine credentials and supports over 1 million developers worldwide. The company now serves 180,000 business customers, including more than 30% of the Fortune 100 and over two‑thirds of the Forbes AI 50. Customers include Associated Press, Canva, Cresta, Decagon, HackerOne, Harvard University, Hugging Face, IBM, Midjourney, MongoDB, Open Evidence, Perplexity, Runway, Salesforce, SandboxAQ, Slack, and Stripe, among others. 1Password’s momentum is reflected in a gross retention rate above 90% and a 70% compound annual growth rate in customer spending over $100,000 ARR over the past three years, along with securing multiple seven-figure ARR accounts over the past year.

"AI has become a core part of how work gets done, from automating support to analyzing financial data,” said David Faugno, CEO of 1Password. “But many of these systems operate with broad access and little oversight. Without clear proof of who authorized an agent or what it’s permitted to do, organizations take on hidden risk. 1Password brings identity, access, and governance together for both people and AI agents, giving companies a verifiable foundation for automation. As AI becomes woven into every workflow, we’re building the trust layer that keeps it secure and accountable."

Building the Leadership Team for the Next Phase of Growth

The addition of Michael Hughes and John Torrey expands 1Password’s leadership team as demand for modern identity security and AI governance accelerates. As President, Hughes will lead a global organization spanning sales, customer experience, and revenue operations, bringing extensive experience advancing commercial growth and operational excellence at ChargePoint and Barracuda Networks. As Chief Business Officer, Torrey will lead strategic expansion through M&A, partnerships, and ecosystem development, reflecting decades of leadership in global growth and transformation at Qualtrics, Concur, and SAP.

They join Greg Henry (Chief Financial Officer), Abe Ankumah (Chief Product Officer), Nancy Wang (Senior Vice President Engineering), and Jacob DePriest (Chief Information and Security Officer & Chief Information Officer), all of whom joined the executive leadership team earlier this year, forming a team that combines operational discipline, product innovation, and strategic vision to drive 1Password’s next phase of growth.

Advancing Identity Security to the AI Era

AI is becoming part of everyday work: helping teams write code, assist customers, and analyze data. But as these systems take on more responsibility, they often have the same access as employees, without the same visibility or oversight. That creates a new kind of security risk for organizations. 1Password is introducing a new way to manage that risk, a trust layer for AI. It keeps every password, key, and credential secure and traceable, whether used by a person or an AI system. This gives companies confidence that AI tools are acting safely and within approved limits, and that access can be reviewed or revoked when needed.

Recent launches include Secure Agentic Autofill, developed with Browserbase, which lets AI agents access credentials safely inside the browser; Perplexity Comet, the first AI browser supported natively by 1Password; and Secrets Syncing with AWS Secrets Manager and Environments, which helps developers keep credentials protected and consistent across local and cloud environments. These innovations build on 1Password Enterprise Password Manager and are now extended to the AI tools and AI agents transforming how people work.

"With Comet, security and trust are essential," said Kyle Polley, Security Staff at Perplexity. "We chose 1Password as a launch partner because they’re not only loved by millions of users, but they also make security effortless. Just as importantly, 1Password’s approach to AI security is grounded in privacy, transparency, and trust, ensuring that secrets stay secret and people stay in control."

“Managing secrets across fast-evolving development environments is a real challenge,” said Travis McPeak, Security Lead at Cursor (Anysphere). “1Password brings visibility and control to credential management, making security a seamless part of the development process.”

“Our engineering teams build and deploy AI systems for some of the world's most important companies, and securing credentials is critical,” said Ben Draffin, director of security at fast-growing Decagon, which makes a unified platform for businesses to build, optimize, and scale AI agents for a concierge customer experience. “1Password gives us centralized visibility and control over Shared Vaults and secrets, and empowers our rapidly growing company to scale securely.”

Expanding Ecosystem and Market Recognition

1Password continues to expand its strategic partner ecosystem with Microsoft, AWS, CrowdStrike, Zscaler, and Drata, as well as distribution partners Ingram Micro, TD SYNNEX, Pax8, and Westcon. The launch of the 1Password Managed Service Provider (MSP) Partner Program further extends its reach, making 1Password an embedded layer across enterprise security, IT, and AI ecosystems.

1Password’s innovation and leadership have been recognized by Forbes Cloud 100, Fortune Cyber 60, Cybersecurity Breakthrough Awards, CRN Tech Innovator Awards, and Notable Capital’s Rising in Cyber list.

About 1Password

Trusted by over 180,000 businesses, millions of consumers, and 1 million developers, 1Password is redefining identity security for the way people and AI agents work today. Our mission is to unleash productivity without compromising security. The 1Password Extended Access Management product suite delivers zero trust security that protects, manages, and governs access to all SaaS applications, whether managed by IT or not. Built on 1Password’s Enterprise Password Manager, which secures more than 1.3 billion credentials, 1Password’s Agentic AI capabilities extend identity security to AI agents and other non-human identities. Leading companies such as Asana, Associated Press, Browserbase, Canva, Cresta, Golden State Warriors, Hugging Face, MongoDB, Octopus Energy, Salesforce, SandboxAQ, Slack, Stripe, and Under Armour trust 1Password to provide the right person or AI agent the right access to the right app from a trusted device. Learn more at 1Password.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251106596274/en/

More than 75% of the company’s revenue now comes from businesses, as organizations adopt 1Password to unify identity, access, and governance across SaaS, devices, and AI agents.