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Okta Secures $75 Million to Drive Product Innovation and Growth of Enterprise Identity Network, Expansion Into Asia Pacific
Sequoia Capital Leads, Janus Capital Group and Altimeter Capital Join Existing Investors in Series E Round
|By Marketwired .
|June 11, 2014 11:00 AM EDT
SAN FRANCISCO, CA -- (Marketwired) -- 06/11/14 -- Okta today announced it has closed $75 million in a Series E funding round, led by Sequoia Capital. The round includes contributions from other existing investors Andreessen Horowitz, Greylock Partners and Khosla Ventures, as well as new investors Janus Capital Group and Altimeter Capital. The round brings the company's total capital raised to $155 million and will support its aggressive growth strategy. The capital will accelerate product innovation to grow Okta's Enterprise Identity Network, as well as fuel the company's expansion into Asia Pacific. As part of the agreement, Sequoia Capital's Pat Grady will join Okta's Board of Directors.
"Identity management has quickly become the centerpiece of cloud security, and the speed with which Okta moved from early pioneer to mature, category-defining company is a testament to their world-class team, scalable product, and passionate customers," said Pat Grady, partner, Sequoia. "It is exceedingly rare for a business to evolve into a true enterprise software company as rapidly as Okta has, and we're thrilled to redouble our commitment at such an auspicious time for the company, its customers and cloud computing."
Accelerating the Reach and Value of Okta's Enterprise Identity Network
Okta, recently named a leader in Gartner's Magic Quadrant for Identity and Access Management as a Service (IDaaS), has built the industry's fastest-growing Enterprise Identity Network, a cloud-based identity service that securely connects any combination of users, applications, devices, and organizations. It enables IT leaders to secure their rapidly evolving environments, and to deliver highly engaging and productive experiences to their employees, partners, and customers. With this round, Okta will invest significantly to accelerate product innovation and broaden the reach of its Enterprise Identity Network, which now includes 1,200+ enterprises, such as MGM Resorts International, Chiquita Brands, London Gatwick Airport, LinkedIn and Rotary International.
"Over the last five years, we've invested heavily to build a service that's 'always on,' secure and scales to meet the needs of any organization. During our growth we've integrated thousands of applications, on-boarded 1,200+ enterprises and connected more than four million end users to form the industry's fastest-growing Enterprise Identity Network," said Todd McKinnon, CEO of Okta. "This new capital allows us to further accelerate the growth of our network internationally. We're doubling down on product innovation for enterprises embracing a cloud- and mobile-centric world and for ISVs seeking to better secure and simplify their products."
Aggressive Global Expansion, Establishes Presence in Asia Pacific
Okta also announced its presence in Sydney, Australia, led by identity management veteran Graham Pearson. Pearson joins the company as its first regional vice president for Asia Pacific, bringing 20+ years of experience in the IT industry, most recently scaling Oracle's identity offering in Asia Pacific. He will be responsible for establishing and growing Okta's operations in the region.
"We're in the midst of a big shift from on-premises, legacy technologies to a cloud- and mobile-centric world. It's the kind of shift that's forcing enterprises to re-architect their IT organizations and consider what will play an essential role in the modern environment. For many, it's cloud-based identity management," said Graham Pearson, regional vice president of Okta. "Okta is the clear leader in that category, with a big vision for the business and value provided to customers and impressive execution -- and we're ready to introduce it to the Asia Pacific market."
Allen & Company LLC served as Okta's financial advisor and assisted in putting together this funding round.
Okta is an enterprise-grade identity management service, built from the ground up in the cloud and designed to address the challenges of a cloud, mobile and interconnected business world. Okta integrates with existing directories and identity systems, as well as thousands of on-premises, cloud-based and mobile applications, to enable IT to securely manage access anywhere, anytime and from any device.
More than 1,200 enterprises, including Allergan, LinkedIn, MGM Resorts International and Western Union, use Okta to increase security and employee productivity, as well as lower IT costs and improve compliance. The hundreds of enterprises, thousands of cloud application vendors and millions of people using Okta today also form the foundation for the industry's first Enterprise Identity Network. Okta is backed by premier venture capital firms Andreessen Horowitz, Greylock Partners, Khosla Ventures and Sequoia Capital. To learn more about Okta, visit: http://www.okta.com.
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Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
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