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1Password Has Raised $620M

blog.1password.com

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Re: 1Password Has Raised $620M

#541

Post by manmal »

worldsayshi wrote: post #73
Croftengea wrote: post #55

They will probably go Dropbox route. Dropbox used to be an excellent file sync cloud service with a robust support on many platforms. They did just one thing and did it well. Now Dropbox is positioning themselves as business-team-collaboration-streamlining-platform for everything whose software is balancing between poorly programmed malware and useless enterprise bloatware.

This makes me think that the real problem here is vendor lock in. If users didn't feel such a reluctance to switch between services then there wouldn't be such an incentive to bloat existing services rather than just building it somewhere else.

Apart from lock-in, first mover advantage is a big one too. Humans don’t like change, so they stick with services as long as switching provides no big benefits.

My small company has stayed with our initial bank even though we were quite unhappy with it a couple of times. They didn’t rock the boat too hard, so we‘ve been with them for 8 years already - even though I was _this_ close to quitting sometimes.

Re: 1Password Has Raised $620M

#542

Post by amelius »

fxtentacle wrote: post #50

"1Password Has Raised $620M" Ah fuck. They now need to grow at any cost to earn all that money back. And they'll throw their users under the bus, if they have to, because it's either grow like a unicorn or go bust. Also, I sincerely have no clue how a password manager could be so expensive. Last time I checked, the excellent KeePassXC was still free open source and developed by volunteers in their free time. How come…

> How come 1Password needs the equivalent of 7750 years of $80k annual salary to build the same?

This is once again just a case of investors hoping to make a pile of money so big they can corner a market. Sadly, they have no idea how cornering a market works (or doesn't work) in the case of digital products like this.

Re: 1Password Has Raised $620M

#543

Post by beaned »

mrkramer wrote: post #527
btown wrote: post #295

People thinking this is an absurd amount of money are sleeping on how 1Password is quietly positioning itself to become the ground truth storage solution for corporate secret management, across devops and non-technical groups alike. Given Hashicorp's market cap of 11B, and 1Password's narrative on how to become even more central to corporate use cases by being the storage layer for Vault deployments, it's a very reas…

>People thinking this is an absurd amount of money Yea it is absurd compared to how much money Google and Facebook raised back in the day.

The money isn't worth nearly as much as it was then.

Re: 1Password Has Raised $620M

#544

Post by markdown »

Matl wrote: post #516
btown wrote: post #295

People thinking this is an absurd amount of money are sleeping on how 1Password is quietly positioning itself to become the ground truth storage solution for corporate secret management, across devops and non-technical groups alike. Given Hashicorp's market cap of 11B, and 1Password's narrative on how to become even more central to corporate use cases by being the storage layer for Vault deployments, it's a very reas…

They have been doing some pretty unfriendly moves towards their long-term customers, like making sure the new 1Password cannot be used without 'the cloud' like the old one could be. I have no doubt raising more VC money will only accelerate such trends. In fact I've decided to move off of 1Password to BitWarden, since at least one can realistically self-host it. That being said, it's not exactly easy to migrate from…

> They have been doing some pretty unfriendly moves towards their long-term customers, like making sure the new 1Password cannot be used without 'the cloud' like the old one could be.

Despite disliking being forced into a subscription system, I gave it a go. Turns out I'm not smart enough to understand their cloud user interface. Was just so confusing.

I switched to Bitwarden.

Re: 1Password Has Raised $620M

#546

Post by Spivak »

chrisshroba wrote: post #128
kspacewalk2 wrote: post #106

Earlier quoted context omitted.

Because cloud and enterprise. Sure, labour costs are expensive in our industry. But it's under-appreciated that once you need physical infrastructure, sales and enterprise support, that really tends to eat into your millions.

Please excuse my ignorance about this, but what do "cloud and enterprise" costs entail? Password managers seem to me like a pretty basic CRUD app. I'd imagine the average user has a few KB's max stored, and data transfer is presumably very small (no images/video/other binary data). And enterprise users are presumably running the infra on-prem so I'd think the main costs have to do with support. Is marketing the thing…

I'll use a past life as an example; 150 person company -- 20ish people in engineering total: 5ish on doing infra, and 3 dev teams of 5ish working different verticals.

Then you have leadership, sales, marketing, HR, finance, support, and retention. By a huge margin sales, support, and retention were the largest. B2C is marketing heavy, B2B is sales heavy. If you're both then well..

Engineering can be really lean with respect to the number of customers/clients but the rest of the business can't.

Re: 1Password Has Raised $620M

#547

Post by Barrin92 »

amelius wrote: post #545

Tbh, since using Firefox Sync, I have no idea why people would need anything else to manage their passwords ... Can anyone enlighten me why I would need 1Password?

Firefox Sync lacks basic functionality of a password manager. Storing notes, storing card information, sharing data securely with other users and so forth.

Re: 1Password Has Raised $620M

#548

Post by tlogan »

fxtentacle wrote: post #50

"1Password Has Raised $620M" Ah fuck. They now need to grow at any cost to earn all that money back. And they'll throw their users under the bus, if they have to, because it's either grow like a unicorn or go bust. Also, I sincerely have no clue how a password manager could be so expensive. Last time I checked, the excellent KeePassXC was still free open source and developed by volunteers in their free time. How come…

The are going to focus on the enterprise market. Good for them but this also means that they will make things worse for small businesses and personal users. Intentionally or non-intentionally but it will happen.

But that is nature of the beast.

Re: 1Password Has Raised $620M

#549

Post by markdown »

eric-hu wrote: post #348
samgranieri wrote: post #76

I really wish they weren't doing away with 1password classic and the native mac app. I like the fact I bought a license, that I can store the data on dropbox or icloud, and it works just fine. Yes, this is old news and sour grapes on my part. I just don't yet feel like migrating to bitwarden. I've been using 1password for 12 years since I saw it on a tutorial on peepcode.com. I actually taught my mother how to use it…

Migrate to Bitwarden. I owned a 1 password 6 license and hung onto it for dear life until last year. I technically had a 1 password subscription from work, and when that ended last year, my password experience hit a brick wall. I couldn’t add passwords from Windows. My Mac client refused to work, I had to uninstall multiple times and delete a data directory to erase any sign that 1 password subscription was on the sy…

I did the same. On Bitwarden now.

Re: 1Password Has Raised $620M

#550

Post by [deleted] »

0xbadcafebee wrote: post #530
btown wrote: post #295

People thinking this is an absurd amount of money are sleeping on how 1Password is quietly positioning itself to become the ground truth storage solution for corporate secret management, across devops and non-technical groups alike. Given Hashicorp's market cap of 11B, and 1Password's narrative on how to become even more central to corporate use cases by being the storage layer for Vault deployments, it's a very reas…

It's a leap people make. I wouldn't call it reasonable. There is no way Hashicorp generates 11 billion worth of value. The only reason they get so much cash is the big players are inflating value so they can gobble up as much cash as they can before the market comes to its senses and everything comes crashing down like in 2008.

[deleted]
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