Sorry you've run into this issue, and this seems to be caused by a recent Microsoft Patch and IIS caching issue.
If you have a look at the following forum post, it will explain how to perform a manual upgrade to the latest release which resolves the issue- the latest release seems to re-cache all files which fixes the problem - https://www.clickstudios.com.au/community/index.php/topic/1630-passwordstate-not-responding-and-iis-reset-takes-over-a-minute-to-execute/
This is the first time in 10 years this has ever happened, so we do not expect it to happen again.
Over the past couple of weeks, we have been trying to identify why the Passwordstate web site is not responding after a server reboot for some customers. This appears to be affecting builds 7580 through to 7619.
We’ve now been able to identify a bug in the Obfuscation software we’re using, and we believe it may be related to February 29 and this year’s leap year.
In build 7623, we have upgraded to the latest release of this Obfuscation software, which has resolved the issue. For all customers on Build 7580 through to 7619, you will need to upgrade to build 7623, otherwise the issue will return.
You can follow the steps below to perform a manual upgrade:
Download the file https://www.clickstudios.com.au/downloads/passwordstate_upgrade.zip
Stop the Passwordstate web site in IIS, and stop the Passwordstate Windows Service
Extract the contents of the zip file to a temporary folder somewhere, and then copy all the files and folders across to your Passwordstate folder and overwrite the existing files. The default location for Passwordstate is c:\inetpub\passwordstate, and in the zip file, you need to copy across all the files/folders which are stored in the top-level Passwordstate folder
Ensure all the folders/files have Modify rights for the Network Service Account - they should have inherited these permissions from the top-level folder
Restart the Passwordstate Windows Service and site in IIS
And also restart IIS itself so it will cache all the new files (it may take a minute for the site to start in IIS, and for your browser to start responding)
We sincerely apologise for any issues this bug may have caused you, and thanks to the customers who have been patient with us while we identified the root cause.