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Okta

Topic: Company

 From HandWiki - Reading time: 4 min
Short description: American information technology company
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
RevenueIncrease $586 Million(2020)[1]
Number of employees
2,379 (April 2020)
Websiteokta.com

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.

History

Okta was co-founded in 2009 by Todd McKinnon and Frederic Kerrest, who previously worked together at Salesforce.[4]

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.[5]

In 2017, Okta's initial public offering raised an additional US$187 million.[6] It traded up on its first day.[7] At the time of its IPO, Sequoia Capital was the biggest shareholder, with a 21.2 percent stake.[8]

In January 2019, Okta's CEO announced that the company has over 100 million registered users.[9]

In August 2020, Okta announced that it plans to let most of its employees work remotely on a permanent basis as a result of the COVID-19 pandemic.[10]

In March 2021, Okta signed a definitive agreement to acquire Auth0 for $6.5 billion.[11]

Products

Okta sells 10 products,[12] including Single Sign-On, Universal Directory, Advanced Server Access (formerly ScaleFT[13]), API Access Management, Authentication, User Management, B2B Integration, Multi-factor Authentication, Lifecycle Management, and Access Gateway.

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.[14][15] It also offers API authentication services.[16]

Okta's services are built on top of the Amazon Web Services cloud.[17]

Okta primarily targets enterprise businesses. Claimed customers as of 2020 include JetBlue, Nordstrom, MGM Resorts International, and the U.S. Department of Justice.[18]

Okta runs an annual “Oktane” user conference, which recently featured former US President Barack Obama as a keynote speaker.[19][20][21]

Security issues

On March 9, 2021, hacking collective "Advanced Persistent Threat 69420" breached an Okta office network through a security failure in the company's Verkada camera setup.[22] They were able to download security footage from the cameras.[23] One member of the group, Tillie Kottmann, also revealed that the group had gained root shell access to the network.[24] In a blog post the next day, Okta Chief Security Officer David Bradbury minimized the root shell as an "internal support tool" of the camera manufacturer Verkada.[23] However, the shell would have given the hackers full access to run any commands on the network, and Cloudflare admitted that an identical hack by the group on that company's network had given them that level of access.[25] Bradbury also said that the threat was contained to an isolated network.

Operations

Okta is headquartered in San Francisco .[26] It also has offices in San Jose, Bellevue, Toronto, Washington D.C., London, Amsterdam, Sydney, Paris, and Stockholm.[27]

References

  1. ↑ "Okta Announces Strong Fourth Quarter and Fiscal 2020 Financial Results | Okta". 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" (in en-US). Barron's. https://www.barrons.com/articles/okta-ceo-is-feeling-optimistic-looks-like-investors-are-too-1512597027. 
  3. ↑ Bridgwater, Adrian (May 23, 2018). "Okta Insists Identity 'Goes Beyond' Passwords" (in en-US). Forbes. https://www.forbes.com/sites/adrianbridgwater/2018/05/23/okta-insists-identity-goes-beyond-passwords/. 
  4. ↑ "Okta CEO McKinnon on the Tech IPO Landscape and Data Security" (in en). https://www.bloomberg.com/news/videos/2018-03-27/okta-ceo-mckinnon-on-the-tech-ipo-landscape-and-data-security-video. 
  5. ↑ Ovide, Shira (2015-09-08). "Okta Raises $75 Million, Boosting Valuation to Nearly $1.2 Billion" (in en-US). https://blogs.wsj.com/digits/2015/09/08/okta-raises-75-million-boosting-valuation-to-nearly-1-2-billion/. 
  6. ↑ "Okta shares soar nearly 39 percent in first day of trading". https://www.bizjournals.com/sanfrancisco/news/2017/04/07/okta-shares-debut.html. 
  7. ↑ Balakrishnan, Anita (2017-04-07). "Okta skyrockets more than 38% after IPO". CNBC. https://www.cnbc.com/2017/04/07/okta-ipo-opening-stock-price.html. 
  8. ↑ "Okta shares soar nearly 39 percent in first day of trading". https://www.bizjournals.com/sanfrancisco/news/2017/04/07/okta-shares-debut.html. 
  9. ↑ Gurdus, Elizabeth (2019-01-24). "Okta CEO: We now have over 100 million registered users". https://www.cnbc.com/2019/01/24/okta-ceo-we-now-have-over-100-million-registered-users.html. 
  10. ↑ Brian Fung. "Software company Okta will let most of its 2,600 employees work remotely permanently". https://www.cnn.com/2020/08/27/tech/okta-permanent-remote/index.html. 
  11. ↑ Dignan, Larry. "Okta and Auth0: A $6.5 billion bet that identity will warrant its own cloud" (in en). https://www.zdnet.com/article/okta-and-auth0-a-6-5-billion-bet-that-identity-will-warrant-its-own-cloud/. 
  12. ↑ "Cloud Identity and Access Management (IAM) Products | Okta" (in en). https://www.okta.com/products/. 
  13. ↑ "Okta Acquires ScaleFT to Bring Zero Trust to the Enterprise | Okta" (in en). https://www.okta.com/press-room/press-releases/okta-acquires-scaleft-to-bring-zero-trust-to-the-enterprise/. 
  14. ↑ Ray, Tiernan. "Okta CEO: 'We Exist Because It's a Heterogenous World'" (in en-US). https://www.barrons.com/articles/okta-ceo-we-exist-because-its-a-heterogenous-world-1516661447. 
  15. ↑ Ray, Tiernan. "Okta: A Bigger Deal Than Oracle Someday?" (in en-US). https://www.barrons.com/articles/okta-as-big-a-deal-as-oracle-someday-1497048753. 
  16. ↑ "Okta Wants To Go Big And Go It Alone in Enterprise Software" (in en). Fortune. http://fortune.com/2017/04/07/okta-ipo-todd-mckinnon/. 
  17. ↑ "This Enterprise Software Unicorn Just Filed to Go Public" (in en). Fortune. http://fortune.com/2017/03/13/okta-cybersecurity-public/. 
  18. ↑ "Okta Identity Cloud Securely Connects JetBlue to its Customers" (in en). Venturebeat. 2018-03-07. https://venturebeat.com/2018/03/07/okta-identity-cloud-securely-connects-jetblue-to-its-customers/. 
  19. ↑ Bridgwater, Adrian. "Inside Privacy: Okta CEO Takes Hardcore Line On Identity Management" (in en). Forbes. https://www.forbes.com/sites/adrianbridgwater/2018/04/04/inside-privacy-okta-ceo-takes-hardcore-line-on-identity-management/2/. 
  20. ↑ 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" (in en). BusinessInsider. https://www.businessinsider.com/oktane-18-barack-obama-todd-mckinnon-2018-5. 
  21. ↑ Thadani, Trisha. "Barack Obama is speaking at a tech conference, but not one you'd expect" (in en). SFChronicle. https://www.sfchronicle.com/business/article/Barack-Obama-is-speaking-at-a-tech-conference-12928567.php. 
  22. ↑ Turton, William (2021-03-09). "Hackers Breach Thousands of Security Cameras, Exposing Tesla, Jails, Hospitals" (in en). Bloomberg. https://www.bloomberg.com/news/articles/2021-03-09/hackers-expose-tesla-jails-in-breach-of-150-000-security-cams. 
  23. ↑ 23.0 23.1 Bradbury, David (2021-03-10). "A CSO's perspective on the recent Verkada cyber attack". https://sec.okta.com/articles/2021/03/csos-perspective-recent-verkada-cyber-attack. 
  24. ↑ Paresh, Dave (2021-03-10). "Tesla says Shanghai factory not hacked after breach of Verkada surveillance cameras" (in en). Reuters. https://www.reuters.com/article/us-verkada-breach-idTRNIKBN2B2048. 
  25. ↑ Graham-Cumming, John (2021-03-10). "About the March 8 & 9, 2021 Verkada camera hack" (in en). https://blog.cloudflare.com/about-the-march-8-9-2021-verkada-camera-hack/. 
  26. ↑ "Okta Inc: Company Profile" (in en). https://www.bloomberg.com/profiles/companies/OKTA:US-okta-inc. 
  27. ↑ "Get in Touch - Contact Information" (in en). https://www.okta.com/contact/. 




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