Okta Announces IPO Plans with $100M Target
Identity management powerhouse Okta has officially filed its S-1 registration with the SEC, marking the start of its journey to become a publicly traded company. The San Francisco-based SaaS provider aims to raise $100 million in its initial public offering (IPO) and will list on the Nasdaq under the ticker symbol OKTA.
Financial Performance: Growth and Challenges
Okta’s filing reveals a mixed financial picture:
- Revenue surge: More than doubled from \(41M (2016) to \)85.9M (2017)
- Increased losses: Net losses grew from \(59.1M to \)76.3M year-over-year
- Revenue breakdown: Nearly all from subscriptions (professional services make up the remainder)
Customer Base and Workforce
As of October 31, Okta reported:
- 2,900+ enterprise customers including marquee names like Adobe, Bose, and News Corp
- 843 employees supporting operations
- 843 employees supporting operations
- Significant traction with high-value contracts (100+ customers spending >$100k annually)
Competitive Landscape and Backing
Okta operates in a crowded identity management space, competing with:
- Tech giants: Microsoft, IBM, Oracle
- Security specialists: Symantec, Dell’s RSA, VMware
The company has raised $231.5M in funding from top-tier investors including:
- Andreessen Horowitz
- Greylock Partners
- Sequoia Capital
- Khosla Ventures
IPO Context: A Busy Season for Tech Listings
This filing comes during a wave of tech IPOs, following Snap’s successful debut. Industry analysts had previously identified Okta as one of 2017’s most likely IPO candidates. Notably, business data platform Yext also filed its S-1 on the same day, signaling strong investor appetite for enterprise SaaS companies.
What This Means for the Identity Management Market
Okta’s move to go public validates the growing importance of cloud-based identity solutions as enterprises increasingly adopt:
- Single sign-on (SSO) systems
- Secure access management
- Multi-factor authentication
The IPO will provide crucial capital for Okta to expand its product offerings and compete more aggressively against established players in the $12 billion identity and access management market.
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