Okta Secures $25 Million to Fuel Enterprise Growth

Tue Dec 4, 2012 11:00am EST

* Reuters is not responsible for the content in this press release.

  SAN FRANCISCO, CA, Dec 04 (Marketwire) -- 
Okta today 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.

    Okta's cloud-native service enables IT to securely manage access across
any application, person or device and provides directory services, single
sign-on, authentication, provisioning and workflow capabilities. It
seamlessly integrates with on-premises directories and identity systems,
as well as thousands of on-premises, cloud-based and mobile applications,
to provide secure access anywhere, anytime and from any device. More than
200 enterprises today use Okta to increase security and employee
productivity, as well as lower IT costs and improve compliance.

    "CIOs have spent years and millions of dollars deploying and maintaining
on-premises identity management software with marginal success at best,"
said Douglas Leone, general partner at Sequoia Capital, whose other
investments include Aruba, Meraki, RingCentral and ServiceNow. "Okta has
an opportunity to not only address head-on the challenges of today's
cloud, mobile and increasingly interconnected world, but to become an
essential platform for CIOs to manage access across all of their users,
applications and devices. This is a transformative company and we
couldn't be more bullish on the opportunity and the company's ability to
execute."

    Building on a breakout 2011, the company has continued to deliver
dramatic levels of innovation and growth on multiple fronts in 2012.
Major milestones include:


--  Rapid Customer Uptake: The company has added more than 140 enterprise
    customers and 300,000 users to its service in 2012, including
    Allergan, BMC Software, Clorox, Groupon and National Geographic.
    
    
--  Thriving Ecosystem of Market-Leading SaaS ISVs: In September, Okta
    announced a robust partnership with Workday, introducing a unique
    cloud-native, HR-driven identity lifecycle management solution. Okta
    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.
    
    
--  Near Perfect Availability, Completion of Rigorous SOC 2 Audit: Okta
    maintained more than 99.99 percent availability in 2012 and achieved a
    number of rigorous security and availability milestones, such as
    completion of the SOC II Type 2 audit across all five trust
    principles.
    
    
--  Tremendous Employee Growth, Key Executive Additions to Support
    Enterprise Momentum: Okta has more than tripled headcount in 2012,
    including a number of executives: Adam Aarons as SVP of Worldwide
    Sales, Hector Aguilar as VP of Engineering, David Baker as CSO and,
    most recently, Kara Wilson as the company's first CMO. Wilson comes to
    Okta from SAP Cloud, where she served as CMO, and has held executive
    positions at a number of market-leading enterprise technology
    companies, including SuccessFactors and Cisco Systems.
    
    
--  Continued Product Innovation: Okta today announced a broad set of new
    functionality for cloud, mobile and on-premises environments to allow
    enterprises to manage seamless, secure access across any person,
    application or device, as well as its vision for an industry-first
    Enterprise Identity Network. (See separate release, "Okta Unveils Bold
    Vision for Future of Enterprise Identity.")
    


    

"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."

    About Okta

    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 200 enterprises, including Allergan, BMC Software, Clorox,
LinkedIn, T.D. Williamson and SAP, 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
www.okta.com. 

    Follow Okta on Twitter: www.twitter.com/okta 
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www.okta.com/blog 

    

Media Contact
Sara Schulte
press@okta.com
415-625-8555 

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