Okta IPO Will Measure Growth of Identity-as a-Service Market
Okta, one of the largest identity-as-a-service (IDaaS) providers, is finally going public. The company, rumored for years to have its eyes on an initial public offering (IPO), this week registered plans with the Securities and Exchange Commission (SEC) to offer Class A common stock to be traded on the Nasdaq market.
The move is the latest sign that the company is undeterred by claims from Microsoft that organizations no longer need third-party IDaaS offerings (such as the Okta Identity Cloud) if they use Azure Active Directory Premium and the rest of its Enterprise Mobility and Security (EMS) services. Despite such claims, Okta and its customers point to the larger array of integrations offered with its cloud-based SSO service. Okta says it now offers 5,000 connectors to legacy and software-as-a-service (SaaS) applications.
Okta’s S-1 filing reveals its revenues have soared in recent years. During its last fiscal year, revenues grew 109% from $41 million to $85.9 million. Looking at the first nine months of calendar year 2015 and 2016, Okta said revenues have grown from $58.8 million to $111.5 million, respectively. Despite the revenue growth, however, Okta posted steep losses — $59.1
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