During a talk with TheStreet, Okta CEO Todd McKinnon argued his firm’s developer ecosystem and neutrality help set its cloud identity/access platform apart.
Okta, along with Microsoft (MSFT) – Get Report, is a top player in the cloud identity and access management software market. Its offerings are broadly split into two categories: Workforce Identity solutions that allow employees to securely log into business apps and cloud services (typically with a single user ID and password), and Customer Identity solutions that allow developers to add user-friendly login functions to their websites and apps.
Shares soared to new highs last week after Okta comfortably beat October quarter estimates and issued strong January quarter guidance. The company reported 42% annual revenue growth, 44% billings growth and a 53% increase in its remaining performance obligation (future revenue currently under contract).
Okta also announced a partnership with Amazon.com (AMZN) – Get Report, through which its offerings will be sold via the AWS Marketplace. And the company disclosed that long-time CFO Bill Losch will be retiring in March and be succeeded by board member Mike Kourey.