They don't need the money, I assume this is a CEO/founder cash-out. They have an established revenue stream, and have established an enterprise presence, they will be an attractive acquisition target. There's so much VC money floating around that a sure bet like this can attract that kind of money, and who would turn it down?

I'm still on the pre-subscription 1Pass and kudos to them that it still works, but like Dropbox this will become an enterprise service that will be too expensive for consumers. The good news is that password managers are now effectively a commodity, like cloud storage, so there are plenty of options.