Okta

Okta is a Nasdaq-traded public company specializing in identity and access management (IAM). Offering a range of products and services via its cloud-based platform, Okta covers both customer and employee/workforce identity management, offering authentication solutions such as single sign-on (SSO), multi-factor authentication (MFA), and universal log-in, as well as access governance, privileged access management (PAM), and workflow and lifecycle management tools. Okta had 6,000 employees as of May 2024.

The company offers an adaptive multi-factor authentication technology, which takes into account various risk factors such as device, network, location, user behavior, and IP address before granting access, and allows users to log in using biometrics.

Okta’s says its platform offers over 7,000 integrations with connections into popular application and infrastructure platforms, streamlining IAM processes across the enterprise.

The company acquired Auth0, a developer-focused identity management platform, in a USD 6.5 billion all-stock deal in 2021. Okta integrated the latter’s technology into its IAM platform, expanding its capabilities into application-embedded identity security. This move also grew Okta’s customer base, with little competitive overlap in terms of the two firms’ clientele.

The company later also acquired another identity security company, Spera, in December 2023 for reportedly over USD 100 million to bolster its identity threat detection and response capabilities.

Key customers and partnerships

Okta counts the following notable organizations among its customer base: Wyndham Hotels and Resorts, JetBlue, Virgin Media O2, Zoom, T-Mobile, Hewlett Packard Enterprise, and Hubspot. The company said it served 18,800 customers as of May 2024. Okta’s customers are diverse, with representation across the public and non-profit sectors as well as healthcare, energy, financial services, technology, travel and hospitality, and retail firms.

Okta’s partners included managed service providers (MSPs), distributors, and solutions providers to resell its products, as well as technology partners for integrations. As of May 2024, these included notable cybersecurity and technology companies such as Arctic Wolf, Drata, AWS, and Google.

Funding and financials

Okta went public on the NASDAQ in April 2017 and raised USD 187 million in its IPO at a market capitalization of USD 2.1 billion, higher than the USD 1.2 billion seen during its most recent private fundraise. The company also reported annual revenues of USD 160.3 million for the year ending January 2017.

As of May 2024, Okta traded at a market cap of USD 16.3 billion, and, for the fiscal year 2024, the reported annual revenue was USD 2.3 billion, a growth of 22% YoY.