San Francisco-based Okta Inc, a widely used access management company that competes with
Like PingID and Duo to provide online authentication services, it said it was investigating a digital breach on Tuesday.
The scope of the hack is unknown, but the Okta hack could have serious consequences as thousands of other companies rely on the company to manage access to its networks and applications. Okta said the breach may be related to an earlier incident in January. Here are some facts about the company:
According to its website, Okta has been in business since 2009 and describes itself as the “Identity Provider for the Internet”. It says it has more than 15,000 customers on its platform. Okta sells identity services, such as single sign-on and multi-factor authentication used to sign in to online apps and sites.
Hundreds of large companies, such as FedEx Corp, T-Mobile US Inc, Moody’s Corp and Coinbase Global Inc, use Okta’s services. Global cloud service provider Cloudflare Inc also uses Okta. Cloudflare CEO Matthew Prince said in a tweet that the company had reset the credentials of some employees “out of (excess of) caution” but that it “confirmed there was no compromise.”
In a 2019 interview with CNBC, Okta CEO Todd McKinnon said the company has more than 100 million registered users. Okta competes with the likes of PingID, Duo, SecureAuth, Microsoft Corp and IBM. While Okta is best known for offering employee identification systems, it is expanding its customer identification business, which now accounts for a quarter of revenue.
Earlier this month, Octa said it agreed to buy smaller rival Autho in a $6.5 billion all-share deal, one of its largest software deals so far this year. Okta reported quarterly revenue of $234.7 million in March,
An increase of 40%. The company’s stock price has skyrocketed during the pandemic, taking the company’s market value to more than $30 billion.
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