1Password Founders Sell a $75 Million Stake to Utah Jazz Owner’s VC Fund
1Password, a popular password management software, has sold a $75 million stake to a venture capital fund founded by Utah Jazz owner Ryan Smith and Accel partner Ryan Sweeney. This investment represents a significant milestone for the company, which was founded in 2005. The deal will provide 1Password with additional resources to expand its operations and further develop its product offerings. The company has experienced substantial growth in recent years, driven by the increasing demand for secure password management solutions in the digital age. The founders of 1Password, who will continue to lead the company, have expressed enthusiasm for the partnership, stating that it will enable them to accelerate their vision and better serve their growing customer base. The transaction is subject to customary closing conditions and is expected to be completed in the coming weeks.
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