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Okta, Inc.

Topic: Company

 From HandWiki - Reading time: 6 min
Short description: American information technology company
Okta, Inc.
FormerlySaasure Inc. (2009–2010)
TypePublic company
IndustrySoftware
FoundedJanuary 2009; 15 years ago (2009-01)
Founders
  • Todd McKinnon
  • Frederic Kerrest
Headquarters100 First Plaza
San Francisco, California , U.S.
Area served
Worldwide
Key people
  • Todd McKinnon (CEO)
  • Frederic Kerrest (COO)
ProductsSingle Sign-On
RevenueIncrease US$1.86 billion (2023)
Decrease US$−812 million (2023)
Increase US$−815 million (2023)
Total assetsIncrease US$9.31 billion (2023)
Total equityDecrease US$5.47 billion (2023)
Number of employees
6,013 (January 2023)
Websiteokta.com
Footnotes / references
Financials (As of January 2023).[1]

Okta, Inc. (formerly Saasure Inc.) is an American 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.[4]

Products and services

Okta sells 10 products,[5] including Single Sign-On, Universal Directory, Advanced Server Access (formerly ScaleFT[6]), API Access Management, Authentication, User Management, B2B Integration, Multi-factor Authentication, Lifecycle Management, and Access Gateway.

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.[7][8] It also offers API authentication services.[9]

Okta's services are built on top of the Amazon Web Services cloud.[10]

Okta primarily targets enterprise businesses. Claimed customers as of 2020 include Zoominfo, JetBlue, Nordstrom, MGM Resorts International, and the U.S. Department of Justice.[11]

Okta runs an annual “Oktane” user conference, which in 2018 featured former US President Barack Obama as a keynote speaker.[12][13][14]

Operations

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

History

Logo until 2022

Okta was co-founded in 2009 by Todd McKinnon and Frederic Kerrest, who previously worked together at Salesforce.[17]

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.[18]

In 2017, Okta's initial public offering priced at $17.00 per share, trading up on its first day, to raise an additional US$187 million.[19][20] At the time of its IPO, Sequoia Capital was the biggest shareholder, with a 21.2 percent stake.[21]

In January 2019, Okta's CEO announced that the company has over 100 million registered users.[22]

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.[23]

In March 2021, Okta signed a definitive agreement to acquire Auth0 for $[clarify]6.5 billion.[24] The deal closed in May 2021.[25]

In December 2023, Okta acquired security firm Spera for approximately $100–130 million.[26]

Security incidents

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.[27] They were able to download security footage from the cameras.[28] One member of the group, maia arson crimew, also revealed that the group had gained root shell access to the network.[29] 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.[28] 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.[30] Bradbury also said that the threat was contained to an isolated network.

On March 22, 2022, the hacking group LAPSUS$ posted screenshots claiming to be from Okta internal systems.[31] The next day, Okta concluded that a maximum of 366 of their customers data may potentially have been impacted, further stating that the breach originated with a computer used by one of Okta's third-party customer support engineers to which the hackers had access.[32]

In December 2022, Okta's source code was stolen when a hacker gained access to their GitHub repository.[33]

In early October 2023, Okta was notified of a breach resulting in hackers stealing HTTP access tokens from Okta's support platform by BeyondTrust. Okta denied the incident for a number of weeks, but later recognized that a breach had occurred.[34] Customers impacted by the Okta breach included Caesars Entertainment, MGM Resorts International, 1Password and Cloudflare.[35][36][37] On November 29th, 2023, it was known that the security incident affected all Okta customers.[38][39]

References

  1. ↑ "Okta Form 10-K for the fiscal year ended January 31, 2023". March 3, 2023. https://www.sec.gov/ix?doc=/Archives/edgar/data/1660134/000166013423000013/okta-20230131.htm. 
  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 SEC Filings - Okta Inc - Class A- Annual Report, Proxy Statement, Prospectus" (in en). https://fintel.io/sfs/us/okta. 
  5. ↑ "Cloud Identity and Access Management (IAM) Products | Okta" (in en). https://www.okta.com/products/. 
  6. ↑ "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/. 
  7. ↑ 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. 
  8. ↑ 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. 
  9. ↑ "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/. 
  10. ↑ "This Enterprise Software Unicorn Just Filed to Go Public" (in en). Fortune. http://fortune.com/2017/03/13/okta-cybersecurity-public/. 
  11. ↑ "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/. 
  12. ↑ 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/. 
  13. ↑ 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. 
  14. ↑ 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. 
  15. ↑ "Okta Inc: Company Profile" (in en). https://www.bloomberg.com/profiles/companies/OKTA:US-okta-inc. 
  16. ↑ "Get in Touch - Contact Information" (in en). https://www.okta.com/contact/. 
  17. ↑ "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. 
  18. ↑ 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/. 
  19. ↑ "Okta shares soar nearly 39 percent in first day of trading". https://www.bizjournals.com/sanfrancisco/news/2017/04/07/okta-shares-debut.html. 
  20. ↑ 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. 
  21. ↑ "Okta shares soar nearly 39 percent in first day of trading". https://www.bizjournals.com/sanfrancisco/news/2017/04/07/okta-shares-debut.html. 
  22. ↑ 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. 
  23. ↑ Brian Fung (27 August 2020). "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. 
  24. ↑ 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/. 
  25. ↑ "Okta's Auth0 deal closes: Inside the 8-year, $6.5 billion courtship". Fortune. May 3, 2021. https://fortune.com/2021/05/03/okta-auth0-deal-stock-login-acquisition. 
  26. ↑ "Okta snatches up security firm Spera, reportedly for over $100M" (in en-US). 2023-12-19. https://techcrunch.com/2023/12/19/okta-snatches-up-security-firm-spera-reportedly-for-over-100m/. 
  27. ↑ 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. 
  28. ↑ 28.0 28.1 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. 
  29. ↑ 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. 
  30. ↑ 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/. 
  31. ↑ "Authentication firm Okta probes report of digital breach". CNN. https://edition.cnn.com/2022/03/22/tech/okta-report-of-breach/index.html. 
  32. ↑ Camacho, Antonio Ruiz (2022-03-23). "Okta Says Hundreds of Customers May Have Been Exposed by January Breach" (in en). CNET. https://www.cnet.com/news/privacy/okta-says-hundreds-of-customers-may-have-been-exposed-by-january-breach/. 
  33. ↑ "Okta had another security incident, this time involving stolen source code". https://www.engadget.com/okta-stolen-source-code-205601214.html. 
  34. ↑ "Hackers Stole Access Tokens from Okta’s Support Unit". krebsonsecurity. https://krebsonsecurity.com/2023/10/hackers-stole-access-tokens-from-oktas-support-unit/. 
  35. ↑ Goswami, Rohan (2023-10-23). "Okta cybersecurity breach wipes out more than $2 billion in market cap" (in en). https://www.cnbc.com/2023/10/23/okta-hack-wipes-out-more-than-2-billion-in-market-cap.html. 
  36. ↑ Zaman, Sourov (2023-10-20). "How Cloudflare mitigated yet another Okta compromise" (in en). https://blog.cloudflare.com/how-cloudflare-mitigated-yet-another-okta-compromise/. 
  37. ↑ GREIG, JONATHAN (2023-10-24). "How 1Password, Cloudflare affected by Okta compromise". https://therecord.media/1password-cloudflare-affected-by-okta-incident. 
  38. ↑ Identity management company Okta reveals far more extensive hack of its systems
  39. ↑ Okta admits hackers accessed data on all customers during recent breach

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