As Okta introduced earnings at present after the bell, it revealed that it is shopping for cloud identification startup Auth0 for a hefty $ 6.5 billion.
With Auth0, Okta will get a cloud identification firm that helps builders embed identification administration into purposes, including a completely new dimension to its identification platform. “Today, we’re taking a significant step forward – I’d go so far to call it a” leap “- to enhance the Okta Identity Cloud. We announced our agreement to join forces with Auth0, a leading identity platform for developers, ”Okta co-founder and CEO Todd McKinnon wrote in a weblog put up saying the deal.
Auth0 customers can breathe a sigh of reduction in that McKinnon writes that the corporate will function as an unbiased unit inside Okta as they search for paths to integration within the coming months.
Eugenio Tempo, co-founder and CEO Auth0 sees his firm along with Okta as highly effective mixture within the identification administration area, and he is not simply hyping the deal when he says that. “Together, we can offer our customers workforce and customer identity solutions with exceptional speed, simplicity, security, reliability and scalability. By joining forces, we will accelerate our customers’ innovation and ability to meet the needs and demands of consumers, businesses and employees everywhere, ”Tempo mentioned in an announcement.
Okta had a fairly good quarter too whereas it was at it, saying $ 234.7 million in income up 40% yr over yr, however Wall Road seems to be sad with the cope with the inventory value down 6.9% in after hours buying and selling.
Auth0 was based in 2013 and raised over $ 300 million alongside the way in which.
This can be a breaking story. Extra to come back.