This is technology M&A deal number 987 that MSSP Alert and sister site ChannelE2E have covered so far in 2022.
1Password, founded in 2005, is based in Toronto, Canada. The company has 881 employees listed on LinkedIn. 1Password's areas of expertise include identity and access management (IAM).
Passage, founded in 2022, is based in Austin, Texas. The company has 14 employees listed on LinkedIn. Passage's areas of expertise include identity management for web and mobile applications.
1Password to Launch Passwordless Authentication Platform for Enterprises
The Passage acquisition highlights 1Password's commitment to "giving businesses and end-users what they want and deserve: the convenience of passwordless without compromising security," 1Password CEO Jeff Shiner said. It enables 1Password to provide users with the ability to use passkeys in lieu of passwords to access their accounts; passkeys can improve the user experience and minimize the risk of phishing attacks and other cyberattacks that lead to data breaches.
Together, 1Password and Passage will provide a passwordless authentication platform designed to accelerate the adoption of passkeys, the companies said. This platform is expected to be available in beta mode in early 2023.
Also, the Passage team, including co-founders Cole Hecht and Anna Pobletts, will join 1Password, the companies noted. This team will focus on passkey authentication and developing passkey-first authentication for consumer-facing businesses.
1Password Adds Series C Funding
The Passage acquisition comes after 1Password in January 2022 secured $620 million in a Series C funding round and increased its valuation to $6 billion. This funding came after 1Password reported several growth milestones in the two years prior, including:
- Growing its team by 300% to 570 employees
- Releasing 1Password 8 for Windows, 1Password Events and other password management products
- Launching a global go-to-market channel program
More than 100,000 businesses use 1Password products. 1Password also continues to explore channel partnership opportunities.