Roustem Karimov is a co-founder of AgileBits, the Toronto company that makes 1Password. He and Dave Teare were colleagues in corporate software, building websites for their day jobs.
They began 1Password as a side project to ease their own password frustration. The first release came in June 2006 as a Mac app.
AgileBits stayed bootstrapped for 14 years. In November 2019 it took its first outside money, a US$200m round from Accel. In January 2022 it raised US$620m at a US$6.8bn valuation.
By November 2025 annual recurring revenue was above US$400m. The company is privately held.