Okta says its buying security rival Auth0 for $6.5 billion, sending stock plunging
Summary
Okta, whose cloud software allows office workers to access all of their apps through a secure online service, said on Wednesday that its spending $6.5 billion to acquire rival Auth0. The company said in its earnings statement on Wednesday that fourth-quarter revenue jumped 40% to $234.7 million, beating analyst estimates, according to Refinitiv. Okta co-founder and CEO Todd McKinnon was previously a vice president at Salesforce, working under Marc Benioff for over five years. Salesforce has been the biggest software acquirer in the last few years, agreeing in December to buy Slack for $27.7 billion. He said Auth0 CEO Eugenio Pace for years, calling him "an enthusiastic ally in establishing identity as a primary cloud."
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industries
HealthTech
applications
Accounting and Taxes
AskAI Classifications
Labels
Identity and Access Management
Cybersecurity Software
SaaS
