Sequoia Capital Leads Series C Financing as Okta Disrupts $6 Billion Enterprise Identity Management Market
San Francisco, CA – December 04, 2012 — 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:
"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."
Okta is the foundation for secure connections between people and technology. By harnessing the power of the cloud, Okta allows people to access applications on any device at any time, while still enforcing strong security policies. It integrates directly with an organization’s existing directories and identity systems, as well as 4,000+ applications.
Because Okta runs on an integrated platform, organizations can implement the service quickly at large scale and low total cost.
More than 200 customers, including Adobe, Allergan, Chiquita, LinkedIn, MGM Resorts International and Western Union, trust Okta to help their organizations work faster, boost revenue and stay secure.
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