Okta to buy rival Identity prover, Auth0 for $6.5 Billion
Okta, an independent identity provider, will acquire Auth0, in a stock transaction valued at around $6.5 Billion.
Auth0 is founded by Eugenio Pace. It provides a platform for security and application teams to authorize, authenticate and secure access for devices, applications, and users.
Executive Opinion
Todd McKinnon, Chief Executive Officer, and co-founder, Okta, said, "Combining Auth0’s developer-centric identity solution with the Okta Identity Cloud will drive tremendous value for both current and future customers. 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. We are thrilled to join forces with the Auth0 team, as they are ideal allies in building identity for the internet and establishing identity as a primary cloud."
Eugenio Pace, Chief Executive Officer and co-founder, Auth0, said, "Okta and Auth0 have an incredible opportunity to build the identity platform of the future. 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."
Okta's Auth0 Acquisition Deal
The transaction is subject to receipt of required regulatory approvals. It is expected to close in the quarter ending on 31st July 2021.
The acquisition will help Okta to offer an identity for the internet, for both the developers and the world's largest organizations. It will also speed up Okta's growth in the identity market.
Auth0 will work as an independent business unit inside of Okta. Both platforms, Okta and Auth0 will be supported, integrated, and invested in over time, notes the announcement.
PC: Pablo, Pixabay
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Udit Agarwal
Opinions expressed by techsutram contributors are their own. More details
Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.
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