Okta, Inc.
Okta, Inc. operates as an identity partner in the United States and internationally. It offers Single Sign-on to secure access to cloud and on-premises applications from any device; Adaptive MFA for a risk-based layer of security for an organization's cloud, mobile, and web applications; API Access Management, which enables organizations to secure APIs as systems; Access Gateway, which extends the Okta platform to hybrid IT environments; Okta Device Access, which extends Okta platform's secure access management to the device login experience; Universal Directory for a cloud-based system of record. The company also provides Identity Threat Protection; Identity Security Posture Management for security measures and safeguards digital assets; Okta for AI Agents to discover, register, authenticate, govern, and manage AI Agents; Identity Governance and Administration products, including Lifecycle Management, Okta Workflows, Okta Identity Governance, and Cross App Access; Advanced Server Access for continuous and contextual access management to secure cloud infrastructure; and Okta Privileged Access to reduce risk with unified access and governance management. In addition, it provides Universal Login, a standards-based login infrastructure; Attack Protection Suite to minimize risks associated with identity-targeted attacks; Adaptive MFA; Passwordless, which enables users to login without a password; Machine-to-Machine Tokens for authentication and authorization with NHIs; Private Cloud, a deployment option; Organizations, which support a large number of partners or customers; Extensibility, which enables customers to build customized identity flows; Fine Grained Authorization, which manages complex authorization scenarios; and Auth0 for AI Agents to secure and scale agentic applications. The company was formerly known as Saasure, Inc. Okta, Inc. was incorporated in 2009 and is headquartered in San Francisco, California.
What does it do?
Okta is the digital bouncer for companies. When you log into your work laptop, email, or Slack, there's a good chance Okta is the thing checking that you are who you say you are. It handles passwords, two-factor authentication (the text message codes your employer makes you use), and controls which apps employees can access. Think of it as a master key system for the internet — one login to rule them all, for thousands of companies worldwide.
Cybersecurity has moved from a nice-to-have to a boardroom priority, and identity — proving who is allowed access to what — is now considered the front line of defence. With hybrid work making corporate networks effectively borderless, the old approach of trusting anyone inside the office firewall is dead, and Okta sits at the heart of the replacement model. Every high-profile data breach reminds CIOs exactly why they are paying for this.
How does it make money?
Okta makes money almost entirely through subscriptions — companies pay a recurring annual fee to use its platform, which means revenue is predictable and sticky. Its latest annual revenue was $2.9 billion, up from $2.6 billion the prior year, a growth rate of roughly 11%. Customers pay based on how many employees (or end users) they need to secure, so as businesses grow or add more apps, Okta's revenue from that customer naturally grows too. A smaller but expanding slice of revenue comes from its Customer Identity Cloud (formerly Auth0), which helps developers secure apps they build for their own customers.
Why do investors care?
The identity security market is still in early innings — most large enterprises are still modernising old, fragmented login systems, giving Okta a long runway to win new customers. The bull story is that Okta becomes the default identity platform the way Salesforce became the default CRM, meaning once a company is in, they rarely leave. For that to happen, Okta needs to keep winning large enterprise deals, expand how much it earns per customer, and successfully integrate Auth0 without losing momentum — three things that have been bumpy but are slowly improving.
Deep Dive
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