It is inertia. Customers are sticky, they do not switch unless they have to. If you're an enterprise, you have to go through establishing a new vendor relationship, onboarding a new password vault with your IT team, communicate it across the org, migrate data from the old password vault to the new password vault, etc. There is a real cost in time and resources to do this, and so, many avoid it until they have no other choice.

Lastpass is owned by PE. Why? Because Francisco Partners and Elliott Management bought a cashflow that is sticky. Its why most software companies were acquired by PE prior to the Cambrian explosion of generative AI.