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Okta Secures $25 Million to Fuel Enterprise Growth


Written by  Raja Rao | 07 December 2012
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oktaOkta announced that it has closed $25 million in Series C funding, led by new investor Sequoia Capital. Sequoia joins existing investors Andreessen Horowitz, Greylock Partners, Khosla Ventures and FLOODGATE. The investment serves as a strong endorsement of the company's vision to redefine identity management in the modern enterprise.

Identity and access management for the cloud is addressed by the company. If we see the progress the company has made for the past one year, we can understand the reason for its funding. The company claims to have added 140 enterprise customers and 300,000 users to its service in 2012, including Allergan, BMC Software, Clorox, Groupon and National Geographic. IT has developed relationships with more than 2,000 cloud applications, all of which come pre-integrated in the Okta Application Network, and counts leading enterprise SaaS companies such as Jive, Lithium and SuccessFactors as customers.

Moreover, apart from completing SOC II Type 2 audit, Okta maintained more than 99.99 percent availability in 2012. Also IT claims that it has more than tripled headcount in 2012 adding some key executives. Its continuous product innovation shows the resolve of the company to excel.

Controlling who has access to which applications becomes a real challenge when users can get access from any browser, at any time, from any place. Managing multiple passwords results in “password fatigue” from managing these constantly changing passwords across applications. Organizations need to take care of compliance issues. Okta takes care of all the issues mentioned.

The company's Enterprise Identity Network enables companies to manage seamless, secure access across any user, organization or application, anywhere, anytime, from any device. IT also provides directory services, single sign-on, authentication, provisioning and workflow capabilities. Each organization gets a secure directory within Okta's multitenant cloud and has instant access to thousands of pre-integrated applications in the Okta Application Network. Each person has an identity within the Okta network and relationships between that person and any organization can be securely established to provide seamless access to applications. Okta Application Network has thousands of web and cloud applications pre-integrated. The company claims that more than 200 enterprises today use Okta to increase security and employee productivity, as well as lower IT costs and improve compliance.

"Organizations are struggling to securely manage access across traditional networks and company boundaries – and are now realizing that an identity layer that bridges the gap between cloud, mobile and on-premises solutions is essential," said Todd McKinnon, CEO, Okta. "We're building the next core business platform to meet these needs and manage identity in the modern enterprise. Our growth, customer impact and this newest round of financing validate that we're well on our way to disrupting a $6 billion market and delivering a new standard that will sit at the center of business software for enterprises worldwide."

Raja Rao

Raja Rao

RajaRao is our Cloud Journalist writing for ToolsJournal on Cloud Tools, Latest updates, Cloud Quick Lists and more. He has done his Bachelors of Engineering in Civil and has been in IT for over 15 years with good expertise on CRM, Peoplesoft, SAP, Microsoft and .Net technologies. Raja comes with fantastic blend of Technical, Solutions and Delivery expertise. Loving the concept of ToolsJournal he has joined us full time and has been tremendous help to take this portal forward. 

You can reach Raja at raja@toolsjournal.com 

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