News Summary

Toronto-based password management company 1Password has acquired UK software-as-a-service (SaaS) startup Trelica in a strategic move to enhance its Extended Access Management (XAM) platform. This acquisition is 1Password’s largest to date by company revenue and aims to integrate Trelica’s technology, which helps security teams discover and manage access to unmanaged applications, into 1Password’s existing offerings. The acquisition will enable 1Password to provide its corporate XAM customers with faster capabilities to handle ‘shadow IT’ scenarios, where employees use unapproved apps and tools that could pose security risks. Trelica’s entire team of 23 will join 1Password as part of this deal, which is expected to accelerate 1Password’s XAM product roadmap by over a year. 1Password is one of Canada’s most valuable tech companies, serving over 150,000 businesses and millions of consumers globally. The company remains cash-flow positive, with its B2B sales comprising nearly three-quarters of its total revenue.