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 a digital security company that controls who gets into what — think of it as the bouncer for every app a company uses. When you log into work and one password gets you into Slack, Salesforce, and your HR system all at once, that's often Okta doing the work behind the scenes. It also adds extra security layers, like asking for a second verification on your phone when something looks suspicious. Over 19,000 businesses use Okta to manage which employees, customers, and partners can access which systems.
With cyberattacks rising sharply and companies running dozens of cloud apps at once, controlling digital identity has become one of the most critical problems in tech — and Okta is the independent specialist in that space. Regulations around data security are tightening globally, which means companies increasingly can't ignore this kind of infrastructure. Okta also sits at the center of the AI security conversation, since AI tools accessing company data need to be controlled just like human employees do.
How does it make money?
Okta makes almost all of its money through subscriptions — businesses pay a recurring annual fee based on how many users they need to secure and which features they want. Revenue hit $2.9 billion in its latest fiscal year, up from $2.6 billion the prior year, a roughly 12% increase. It has two main product lines: Workforce Identity, which secures employees inside a company, and Customer Identity, which secures the end-users of a company's own apps or website. The more users a client has and the more products they add, the more Okta earns.
Why do investors care?
The identity security market is expected to keep growing as companies move more infrastructure to the cloud and cyberattacks become more sophisticated. Okta's Customer Identity Cloud — built on the Auth0 platform it acquired in 2021 — is the faster-growing segment and gives it a foothold in a huge market: every app that needs a login page is a potential customer. For the bull case to play out, Okta needs to keep expanding within its existing customer base by getting them to buy more products, while also holding off competition from Microsoft. It also needs to continue its path toward consistent profitability after years of heavy losses.
Deep Dive
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