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Know The Company - Okta
Today we are starting a new section in The Developer Tools Index newsletter which help you get to know one of the index companies just a bit better. and we choose to start with Okta!
What Is Okta?
Okta operates in the Identity and Access Management (IAM) sector, providing cloud-based solutions to enable secure user authentication and authorization.
Okta's suite of products focuses on identity and access management, offering a range of services such as Single Sign-On (SSO), Multi-Factor Authentication (MFA), Lifecycle Management, and API Access Management.
These solutions are designed to enable secure connections between people and technology, providing seamless access to applications and data across various devices and platforms.
What sets Okta apart is its commitment to a neutral, independent identity solution that can integrate with a multitude of applications and platforms.
Unlike some competitors that may be tied to specific ecosystems, Okta's agnostic approach allows for greater flexibility and customization.
Their emphasis on security, user experience, and continuous innovation has made them a leading player in the IAM space, trusted by thousands of organizations worldwide.
Okta Business Model
Okta's earnings are primarily driven by its subscription-based identity and access management solutions.
- Q1 Revenue Growth: Total revenue grew by 25% year-over-year to $518 million, with subscription revenue accounting for $503 million.
- Operating Cash Flow: Achieved a record operating cash flow of $129 million.
- GAAP Operating Loss: Reduced to $160 million.
- Financial Outlook for Fiscal 2024: Expected total revenue of $2.175 billion to $2.185 billion, representing 17% to 18% growth.
Okta History Brief
Okta was founded in 2009 by Todd McKinnon and Frederic Kerrest with a vision to redefine identity management in the rapidly changing cloud landscape.
Funding and Growth:
- 2010: Raised initial funding of $10 million.
- 2012: Launched the Okta Application Network, expanding its identity solutions.
- 2014: Reached over 1,000 enterprise customers.
- 2017: Went public with an IPO, raising $187 million and solidifying its position in the market.
- 2021: Okta fortified its position in the IAM landscape by acquiring Auth0, a developer-centric identity platform, in a deal valued at approximately $6.5 billion.
Okta next earning call is scheduled to 30 Aug 2023.
This is a section from the full newsletter of The Developer Tools Index, where we will cover this and next week earning calls from the index companies. subscribe here
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