The acquisition will help expedite Okta's journey to provide identity for the internet, bringing choice and flexibility to both developers and the world's largest organisation.
Leading independent identity providers Okta Inc has announced it has entered into a definitive agreement to attain Auth0, a leading identity platform for application teams, in a stock transaction valued at approximately $6.5 billion.
Together, Auth0 and Okta will address a broad set of identity use cases. The acquisition will speed up the companies' shared vision of enabling everyone to safely use any technology, shaping the future of identity on the internet.
The transaction will help expedite Okta's growth in the $55 billion identity market. Auth0, on the other hand, will operate as an independent business unit inside of Okta, and both platforms will be supported, integrated over time and invested in - thus becoming more compelling together.
Subsequently, organisations will have a greater choice in choosing the industry solution for their unique needs. Okta and Auth0's comprehensive, complimentary identity platforms are considered robust enough to serve the world's largest organisations and flexible enough to address every identity use case, regardless of the audience or user.
“Combining Auth0’s developer-centric identity solution with the Okta Identity Cloud will drive tremendous value for 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 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.”
With the continued growth of the global market, encapsulating hybrid IT, cloud, digital transformation, and zero-trust security has become one of the most vital technology investments an organisation will make. These trends have increased over the past year as more companies of all sizes and across every industry had to pivot to deliver engaging customer experience online quickly.
Since more organisations everywhere are expeditiously leveraging identity to streamline processes, cut costs, maintain the highest security levels, and improve customer experience to drive business growth. Auth0 and Okta have made it their objective to deliver innovation and value to various organisations 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.”