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Okta Set To Acquire Identity Platform Auth0 For $6.5B

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  • Okta Inc (NASDAQ: OKTAinked an agreement to acquire an identity platform for application teams, Auth0, in a stock transaction worth $6.5 billion.
  • Okta and Auth0 will address a broad set of identity use cases and ensure safer usage of any technology under the arrangement.
  • The transaction will fast-track Okta's growth in the $55 billion identity market. Auth0 will function as an independent business unit inside of Okta. Consequently, organizations will have greater choices in selecting the identity solution for their unique needs.
  • Okta's and Auth0's joint vision for the identity market will fast-track innovation, enabling customers to leverage identity to accomplish their business needs in the increasingly digitalized world as per Okta CEO Todd McKinnon.
  • Okta's cash and cash equivalents amounted to $2.56 billion as of January 31, 2021.
  • Price action: OKTA stock was lower by 10.8% at $215.24 in the pre-market session on the last check Thursday.
 

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