(Bloomberg) -- The company behind password-management service 1Password is interviewing banks for an initial public offering, according to people familiar with the matter.
The Toronto-based security business, formally called AgileBits Inc., is aiming to go public next year, said the people, who asked not to be identified discussing private information.
Investors valued 1Password at $6.8 billion after a funding round in 2022, according to data provider PitchBook.
In a statement, Co-Chief Executive Officer David Faugno said that the company regularly engages with banks and institutional investors. “While the possibility of becoming a public company is a topic that has been discussed, we have not made any decisions regarding timing or the selection of a potential underwriter,” he said.
The company has raised $950 million to date from firms including Accel, Iconiq and Tiger Global, according to PitchBook data. It also has a slew of celebrity backers including Justin Timberlake, Scarlett Johansson, Pharrell Williams and Matthew McConaughey.
Founded in 2005, 1Password competes with LastPass and Dashlane Inc. to help customers keep their passwords in one secure place.
Last week, 1Password announced the co-CEO role for Faugno, who was formerly a venture partner at Accel and chief financial officer at Qualtrics. He shares the top job with Jeff Shiner.
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