Okta, Inc. (NASDAQ:Okta) announced on 3/3/2021 that it has entered into a definitive agreement to acquire Auth0 in a stock transaction valued at approximately $6.5 billion. Together, Okta and Auth0 address a broad set of identity use cases, and the acquisition will accelerate the companies’ shared vision of enabling everyone to safely use any technology, shaping the future of identity on the internet.
Auth0 will operate as an independent unit inside of Okta, and both platforms will be supported and invested in. As a result, organizations will have a wider breadth of identity solutions to fit their unique needs. Okta and Auth0’s comprehensive, complementary identity platforms are robust enough to serve the world’s largest organizations and flexible enough to address every identity use case, regardless of the audience or user.
“Combining Auth0’s developer-centric identity platform with the Okta Identity Cloud will drive tremendous value to both current and future customers,” said Todd McKinnon, Chief Executive Officer, and co-founder, Okta. “In an increasingly digital world, identity is the unifying means by which we use technology — both at work and in our personal lives. With so much at stake for businesses today, it’s critical that we deliver trusted customer-facing identity solutions. Okta’s and Auth0’s shared vision for the identity market, rooted in customer success, will accelerate our innovation, opening up new ways for our customers to leverage identity to meet their business needs.”
“I started my career as a developer,” McKinnon added. “Over the years, I’ve seen developers become more important than ever. They are the ones building every experience on the internet. Auth0’s DNA is rooted in developers, and I’ve always admired their sharp focus and leadership in developer-led identity.”
With continued global market tailwinds of cloud and hybrid IT, digital transformation, and zero-trust security, an identity platform has become one of the most critical technology investments an organization will make. These trends have accelerated over the past year as companies of all sizes and across every industry had to pivot quickly to deliver engaging customer experiences online. Organizations everywhere are rapidly leveraging identity to streamline processes, reduce costs, maintain the highest levels of security, and improve customer experiences to drive business growth. Okta and Auth0 are both committed to delivering innovation and value to organizations navigating those transformations.
“Okta and Auth0 have an incredible opportunity to build the identity platform of the future,” said Eugenio Pace, Chief Executive Officer, and co-founder, Auth0. “We founded Auth0 to enable product builders to innovate with a secure, easy-to-use, and extensible customer identity platform. 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.”
Learn more about this announcement: https://www.okta.com/blog/2021/03/okta-auth0-powering-identity-for-the-internet/
