Okta (identity management)

Okta, Inc. is a publicly traded identity and access management company based in San Francisco.[2] It provides cloud software that helps companies manage and secure user authentication into applications, and for developers to build identity controls into applications, website web services and devices.[3] It was founded in 2009 and had its initial public offering in 2017, being valued at over $6 billion.

Okta, Inc.
FormerlySaasure Inc. (2009–2010)
TypePublic
IndustrySoftware
FoundedJanuary 2009
FounderTodd McKinnon
Frederic Kerrest
Headquarters
San Francisco, California, U.S.
Area served
Worldwide
Key people
Todd McKinnon, CEO
Frederic Kerrest, COO
ProductsSingle Sign-On
Revenue $586 Million(2020)[1]
Number of employees
2,379 (April 2020)
Websiteokta.com

Services

Okta sells six services, including a single sign-on service that allows 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]

Okta's services are built on top of the Amazon Web Services cloud.[7]

In January 2019, Okta's CEO announced that the company has over 100 million registered users.[8]

History

Okta was co-founded in 2009 by Todd McKinnon and Frederic Kerrest, who previously worked together at Salesforce.[9]

In 2015, the company raised US$75 million in venture capital from Andreessen Horowitz, Greylock Partners, and Sequoia Capital, at a total initial valuation of US$1.2 billion.[10] Okta had previously raised US$150 million from earlier funding rounds.[11]

In 2017, Okta's initial public offering raised an additional US$187 million.[12] It traded up on its first day.[13] At the time of its IPO, Sequoia Capital was the biggest shareholder, with a 21.2 percent stake.[14]

Okta is headquartered in San Francisco.[15] It also has offices in San Jose, Bellevue, Toronto, Washington D.C., London, Amsterdam, Sydney, Paris, and Stockholm.[16]

Okta primarily targets enterprise businesses. Claimed customers as of 2020 include JetBlue, Nordstrom, MGM Resorts International, and the U.S. Department of Justice.[17]

Okta runs an annual “Oktane” user conference, which recently featured former US President Barack Obama as a keynote speaker.[18][19][20]

In August 2020, Okta announced that it plans to let most of its employees to work remotely on a permanent basis as a result of the COVID-19 pandemic.[21]

Competitors

References
  1. https://investor.okta.com/news-releases/news-release-details/okta-announces-strong-fourth-quarter-and-fiscal-2020-financial
  2. Rivas, Teresa (December 6, 2017). "Okta CEO Is Feeling Optimistic. Looks Like Investors Are Too". Barron's. Retrieved April 8, 2018.
  3. Bridgwater, Adrian (May 23, 2018). "Okta Insists Identity 'Goes Beyond' Passwords". Forbes. Retrieved March 6, 2019.
  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. "This Enterprise Software Unicorn Just Filed to Go Public". Fortune. Retrieved 2018-04-08.
  8. Gurdus, Elizabeth (2019-01-24). "Okta CEO: We now have over 100 million registered users". www.cnbc.com. Retrieved 2019-01-25.
  9. "Okta CEO McKinnon on the Tech IPO Landscape and Data Security". Retrieved 2018-04-08.
  10. Ovide, Shira (2015-09-08). "Okta Raises $75 Million, Boosting Valuation to Nearly $1.2 Billion". WSJ. Retrieved 2018-04-08.
  11. "Okta | Crunchbase". Crunchbase. Retrieved 2018-04-08.
  12. "Okta shares soar nearly 39 percent in first day of trading". www.bizjournals.com. Retrieved 2018-04-08.
  13. Balakrishnan, Anita (2017-04-07). "Okta skyrockets more than 38% after IPO". CNBC. Retrieved 2018-04-08.
  14. "Okta shares soar nearly 39 percent in first day of trading". www.bizjournals.com. Retrieved 2018-04-08.
  15. "Okta Inc: Company Profile". Bloomberg. Retrieved 2018-04-08.
  16. "Get in Touch - Contact Information". okta. Retrieved 2018-04-12.
  17. "Okta Identity Cloud Securely Connects JetBlue to its Customers". Venturebeat. 2018-03-07. Retrieved 2019-06-26.
  18. Bridgwater, Adrian. "Inside Privacy: Okta CEO Takes Hardcore Line On Identity Management". Forbes. Retrieved 2018-04-08.
  19. Bort, Julie. "I followed the CEO of $6 billion Okta around and learned the secrets of a tech conference that landed President Obama as a speaker". BusinessInsider. Retrieved 2019-06-26.
  20. Thadani, Trisha. "Barack Obama is speaking at a tech conference, but not one you'd expect". SFChronicle. Retrieved 2019-06-26.
  21. Business, Brian Fung, CNN. "Software company Okta will let most of its 2,600 employees work remotely permanently". CNN. Retrieved 2020-09-15.
  22. "Okta's $187 Million Tech IPO Isn't Scaring Off Rivals". Inc.com. 2017-04-07. Retrieved 2018-04-08.
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