Okta provides cloud-based identity management and has expanded into adjacent areas such as security, mobile device management and two-factor identification. The company says it has been growing 100% year over year and was burning through cash prior to this financing. Okta reports roughly 600 employees and about 2,500 customers. The new capital gives the company flexibility to delay or control the timing and terms of a public offering and to acquire small strategic companies if opportunities arise. Okta also recently opened a new EU datacenter to comply with EU data privacy laws. Since launching in 2009 the company has raised a total of $230 million. Okta provides Identity as a Service that integrates on-premises applications and cloud services, enabling access across devices. The company has over 1,200 customers, including LinkedIn, MGM Resorts International and Western Union. Okta plans to expand its library of pre-integrated applications from about 3,000 today to 10,000 and to open an office in Sydney to support Asia-Pacific customers. Leadership says the product goal is to make any application accessible to any end user, partner or supplier on any device. Financially, the company has raised a total of $155M to date and is aiming to reach cash-flow break-even before pursuing an IPO. Management views competitive pressure from players like Ping Identity, Microsoft and Salesforce as a driver of product focus and growth. Okta provides an enterprise-grade identity management service that integrates with existing directories and identity systems as well as on-premises, cloud-based and mobile applications. Its platform enables IT teams to manage access from any device. The company is led by CEO Todd McKinnon and serves more than 500 enterprise customers, including Allergan, LinkedIn, MGM Resorts International, Western Union and SAP. Okta plans to use new funding to continue growing in North America and to expand internationally. To support that expansion it added Philip Turner as its first European general manager. Okta builds an identity management platform to help enterprises manage the growing number of applications and devices employees use. The company announced a framework called the Enterprise Identity Network to define a "modern" identity service. It also released a mobile app, a new Microsoft 365 integration, and expanded on‑premise integrations. Okta positions its product as a replacement for legacy identity solutions such as Microsoft Active Directory in cloud and multi‑app environments. The article reports that Okta's sales pipeline and metrics across the board have increased amid competing activity in the market. Financially, the company has raised a total of $52.5M to date. Okta offers a cloud application management platform that gives IT teams control of users, applications and data both in the cloud and behind the firewall. Its service provides a central directory for user profiles and can replicate that directory to cloud applications like Salesforce and Google Apps. The product launched to the public in January and customers include Enterasys Networks, Pandora, T.D. Williamson and AMAG Pharmaceuticals. Usage has ramped to power over 1 million authentications per month. Founder Todd McKinnon previously served as VP of Engineering at Salesforce. Okta plans to expand its cloud IT management offerings and is ramping sales, marketing and distribution to eliminate cloud adoption barriers; the company has raised a total of $28 million to date.

Total raised

$229M

Funding rounds

6

Latest round

Equity

Latest activity

Sep 2015