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Okta (Nasdaq: OKTA) | Company Profile, History, Competitors

 

Okta (NASDAQ: OKTA) is an identity management company that enables the adoption of cloud and SaaS based applications. As of 2017, it had over 4,000 customers. It was founded in 2009 and headquartered in San Francisco, CA.

OKTA was founded in 2009 by Todd McKinnon and Frederic Kerrest. In 2010, it first introduced its Single Sign-On product. OKTA allows customers to purchase SaaS applications from multiple vendors and run them as if they were on one platform. OKTA has over 5,000 different integrations. 

Business Overview

The Okta Identity Cloud connects and protects employees of many of the world's largest enterprises. Okta's Identity Cloud platform consists of six main products:
  • Single Sign-On: This is Okta's core product. It allows users to single sign-on once into all of their applications. It can be deployed as a standalone product or integrated with an enterprise's existing identity management. It has a user monitor so IT can monitor user access and usage levels.
  • Universal Directory: Okta provides a centralized, cloud-based location where IT can store and manage user profiles. 
  • Adaptive Multi-Factor Authentication: This product allows it to decide which mobile devices, tablets and laptops can have access to which applications. 
  • Lifecycle Management: This product provisions and de-provisions users. When an employee is first hired, this can grant applications that a new employee needs. when an employee leaves the firms, it can turn off access to applications.
  • API Access Management: This product enables organizations to use Okta as the identity layer for customer facing uses.
  • Mobility Management: This product enables IT to manage devices such as smartphones,tablets and laptops and applications installed on them.

Pricing

Okta offers noncancellable contract terms of 1 to 3 years, but it is billed annually a year in advance. Pricing on Okta ranges from $1-$4 per user per month for each module.

Competition

Microsoft Azure's Active Directory software is the biggest competitor to OKTA. It integrates well with everything in the Microsoft stack. It also offers integrations into third party applications.

Legacy CA, IBM, Oracle also provide identity management software. However, their product does not have a good path from legacy enterprise software to the cloud.

History

OKTA was founded as Saasure in 2009 by Todd McKinnon and Frederic Kerrest. It changed its name to OKTA in 2010. OKTA shipped its first product Single Sign-On in 2010. In 2017, the company went public.

Management

Todd McKinnon (CEO): Todd McKinnon is CEO and co-founder of Okta. Todd is responsible for the overall vision and strategy of Okta. Prior, he served as Head of Engineering at Salesforce.com. He has also worked in engineering roles at PeopleSoft.

Frederic Kerrest (COO): Frederic Kerrest serves as COO and co-founder. Prior, he worked at Hummer Winblad Venture Partners, where he evaluated softwear companies. he has also worked in sales and development at Salesforce.com.

Bill Losch (CFO): Bill Losch has been CFO since 2013. Prior, he served as CFO of MobiTV, a multiscreen video delivery service. He also served as Chief Accounting Officer of DreamWorks Animation, VP of FInance at SKG and Chief Accounting Officer at Yahoo. He has also worked at Universal Studios and KPMG.

Financials

 $ USD in millions     2014 2015 2016 2017
 Revenues
$41 $86 $160 $260 
 Gross Profit
$22 $50 $104 $179 
 Operating Profit 
($58)($76)($83)($116)
 Net Income
($59)($76)($84)($114)
 EPS
($2.45)($4.28)($1.06)($1.38)