It was a big day for online identity management provider, Okta. After reporting better-than-expected third-quarter earnings, the company also made a slew of announcements. Okta, which counts corporate clients like Nordstrom and government clients like the U.S. Department of Justice, said that its now going to let startups use its services for free. Young organizations with up to 25 employees will be able to use Okta Identity Cloud without charge for one year. Okta is trying to really capture and provide value to the next great companies out there, CEO Todd McKinnon told TechCrunch. He likely hopes that theyll become corporate clients as their business grows and theyre satisfied with the secure sign-on services. Okta also announced that its moving its headquarters. The company signed a 10-year lease to move to 100 First Street in San Francisco. On the earnings front, revenue came in for the quarter at $68.2 million. This surpassed analyst estimates of $62.84 million. Adjusted net losses per share were 19 cents, better than the negative 24 cents Wall Street predicted. There are a lot of companies in the secure sign-in space. When asked about startups like Duo or SailPoint, which recently went public, McKinnon said they have one part of what we offer and we have a broad suite. He believes Oktas real competitors are the incumbents like IBM, Oracle and Computer Associates. Were replacing that legacy, McKinnon claims. The company went public in April and priced its shares at $17. The stock closed Wednesday at $28.46. It went up 5% in initial after-hours trading.
Program Offers Free Identity Tools to Jump-Start Entrepreneurs and Small Businesses SAN FRANCISCO–(BUSINESS WIRE)–December 6, 2017– Okta, Inc. (NASDAQ:OKTA), the leading independent provider of identity for the enterprise, today announced the launch of Okta for Startups, a program offering the Okta Identity Cloud to entrepreneurs and small businesses for free for one year. Founding a company is hard. And its even harder when you have to build a business model for something that hasnt been done before, or that youre trying to differently – all while getting your core systems up and running, said Frederic Kerrest, Okta COO and co-founder. With Okta for Startups, well enable new and growing companies to focus on whats most important when youre getting started – your core business and customers – by making it easy (and free) to build a foundation of identity and access management into your app or company infrastructure. Today, thousands of organizations use the Okta Identity Cloud as the connective tissue that secures both their employee and partner ecosystem, as well as their customer-facing offerings. Within an organization, the Okta Identity Cloud makes it easy to manage and secure the rapidly growing network of people, applications and devices connected to a business. For developers and business leaders building new or improving existing customer experiences, Okta also makes it easy to add the same level of security and user management into any web or mobile application through its API offerings. Now with Okta for Startups, young and developing organizations will be able to use both Oktas employee- and customer-facing identity tools for up to 25 employees, contractors and partners through the Okta Identity Cloud for free. In addition, organizations will also have the option to use Oktas APIs as the identity and authentication layer of their customer apps for up to 25,000 monthly active users. Our mission at Agile Stacks is to make it easier for organizations to quickly implement a full stack DevOps automation for cloud environments. Weve been growing quickly since we started a little over a year ago, and as we continue to expand, we sought innovative partners to help us build a scalable, secure infrastructure of our own, said Igor Mameshin, CTO at Agile Stacks. Programs like Okta for Startups are critical for young companies like us as they provide founders with the best tools available on the market for free or at a low cost – allowing us to use Okta to power our authentication layer and user store as a foundational piece of our application so we can focus our precious resources on innovation, business strategy and differentiation. Were focused on changing the way people work at People.ai – taking the manual work off of sales and creating sales and marketing alignment based on real data and intelligence, said Oleg Rogynskyy, CEO at People.ai. As a growing company ourselves, we looked for innovative partners to help us take care of the behind-the-scenes work of our own infrastructure and security so we can focus on growing our business. Y Combinator, which we graduated from in 2016, taught us to spend our cycles on the things that will help us to go from vision to reality – and being able to partner with world class solutions like Okta allow us to do just that. About Okta Okta is the leading independent provider of identity for the enterprise. The Okta Identity Cloud connects and protects employees of many of the worlds largest enterprises. It also securely connects enterprises to their partners, suppliers and customers. With deep integrations to over 5,000 apps, the Okta Identity Cloud enables simple and secure access from any device. Thousands of customers, including Experian, 20th Century Fox, LinkedIn, Flex, News Corp, Dish Networks, and Adobe trust Okta to work faster, boost revenue and stay secure. Okta helps customers fulfill their missions faster by making it safe and easy to use the technologies they need to do their most significant work.