Okta Set To Acquire Identity Platform Auth0 For $6.5B - Okta (NASDAQ:OKTA)

Okta Inc (NASDAQ: OKTA) inked 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.