Okta (identity management)

Okta, Inc.
Public
Traded as NASDAQ: OKTA
Industry Software
Founded January 2009
Founder Todd McKinnon, Frederic Kerrest
Headquarters San Francisco, California
Area served
 Worldwide
Key people
 Todd McKinnon, CEO
Frederic Kerrest, COO
Products Single Sign-On
Website www.okta.com

Okta, Inc. is a publicly-traded identity management company based in San Francisco.[1] It provides cloud software that helps companies manage their employees' passwords,[2] by providing a “single sign-on” experience.[3] It was founded in 2009 and had its initial public offering in 2017, being currently valued at over $6 billion.

Services

Okta sells six services, including its best-known “single sign-on” solutions that allow users to log into a variety of systems using one centralized process. For example, the company claims the ability to log into Gmail, Workday, Salesforce and Slack with one login.[4][5] It also offers API authentication services.[6]

History

Okta was founded in 2009 by a team of former Salesforce executives. Current Okta CEO and founder Todd McKinnon previously served as the senior vice president of engineering at Salesforce and previously at PeopleSoft.[7][8] Other founders include Okta COO Freddy Kerrest, also previously of Salesforce.

In 2015 the company raised $75 million in venture capital from Andreessen Horowitz, Greylock Partners and Sequoia Capital at a valuation of $1.2 billion.[9] It previously raised $150 million across earlier funding rounds.[10]

In 2017 its Initial Public Offering raised an additional $187 million.[11] It traded up on its first day.[12] At IPO time, Sequoia Capital was the biggest shareholder, with a 21.2 percent stake.[13]

The company is headquartered in San Francisco.[14] It also has offices in Bellevue, Toronto, London, Amsterdam, Sydney, San Jose and Washington D.C.[15]

Okta initially targeted mid-market businesses, while its rivals sought to capture the enterprise market.[16]

It runs an annual “Oktane” user conference.[17]

Competitors

  • Salesforce Identity
  • SailPoint
  • Microsoft Azure Active Directory
  • Centrify
  • Oracle Enterprise SSO
  • OneLogin[18]

Controversies

Okta’s services are built on top of the Amazon Web Services cloud, possibly making it vulnerable to security issues with AWS despite its own claimed focus on security.[19]

In 2016, Okta lost over $65 million and has yet to show a profit.[20]

References

  1. ↑ Rivas, Teresa. "Okta CEO Is Feeling Optimistic. Looks Like Investors Are Too". Retrieved 2018-04-08.
  2. ↑ "Okta prices its IPO and hopes to hit a $2 billion valuation". Business Insider. Retrieved 2018-04-08.
  3. ↑ "Okta's $187 Million Tech IPO Isn't Scaring Off Rivals". Inc.com. 2017-04-07. Retrieved 2018-04-08.
  4. ↑ Ray, Tiernan. "Okta CEO: 'We Exist Because It's a Heterogenous World'". Retrieved 2018-04-08.
  5. ↑ Ray, Tiernan. "Okta: A Bigger Deal Than Oracle Someday?". Retrieved 2018-04-08.
  6. ↑ "Okta Wants To Go Big And Go It Alone in Enterprise Software". Fortune. Retrieved 2018-04-08.
  7. ↑ "Okta Wants To Go Big And Go It Alone in Enterprise Software". Fortune. Retrieved 2018-04-08.
  8. ↑ Okta CEO McKinnon on the Tech IPO Landscape and Data Security, retrieved 2018-04-08
  9. ↑ Ovide, Shira (2015-09-08). "Okta Raises $75 Million, Boosting Valuation to Nearly $1.2 Billion". WSJ. Retrieved 2018-04-08.
  10. ↑ "Okta | Crunchbase". Crunchbase. Retrieved 2018-04-08.
  11. ↑ "Okta shares soar nearly 39 percent in first day of trading". www.bizjournals.com. Retrieved 2018-04-08.
  12. ↑ Balakrishnan, Anita (2017-04-07). "Okta skyrockets more than 38% after IPO". CNBC. Retrieved 2018-04-08.
  13. ↑ "Okta shares soar nearly 39 percent in first day of trading". www.bizjournals.com. Retrieved 2018-04-08.
  14. ↑ "Okta Inc: Company Profile". Bloomberg. Retrieved 2018-04-08.
  15. ↑ "Get in Touch - Contact Information". okta. Retrieved 2018-04-12.
  16. ↑ "Okta's $187 Million Tech IPO Isn't Scaring Off Rivals". Inc.com. 2017-04-07. Retrieved 2018-04-08.
  17. ↑ Bridgwater, Adrian. "Inside Privacy: Okta CEO Takes Hardcore Line On Identity Management". Forbes. Retrieved 2018-04-08.
  18. ↑ "Okta's $187 Million Tech IPO Isn't Scaring Off Rivals". Inc.com. 2017-04-07. Retrieved 2018-04-08.
  19. ↑ "This Enterprise Software Unicorn Just Filed to Go Public". Fortune. Retrieved 2018-04-08.
  20. ↑ "Okta's $187 Million Tech IPO Isn't Scaring Off Rivals". Inc.com. 2017-04-07. Retrieved 2018-04-08.
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