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. Today, 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:
Thriving Ecosystem of Market-Leading SaaS ISVs: In September, Okta announced