Okta bolsters identity platform with Auth0 acquisition
San Francisco, California-based cloud identity platform Okta has announced it is to acquire fellow identity management platform Auth0.
The Bellevue, Washington-based Auth0’s platform is geared specifically for application development teams.
COVID-19 driving IAM
As the pace of digital transformation picks up, accelerated as it has been by COVID-19, it is more crucial than ever for companies to control all the varied ways of accessing ever more complex systems.
Accordingly, Auth0 touts its capacity to work with any existing technology stack, and its ease of implementation thanks to SDKs.Features include universal login screens, single sign on, multi-factor authentication and user management capabilities for administrators.
Its customers include the likes of Atlassian, Siemens, AMD and Mazda, and Auth0 has won awards including inclusion on Forbes Cloud 100 and Deloitte’s Technology Fast 500.
Creating an identity giant
The transaction, which is worth $6.5bn in stock, has been approved by both boards of directors, with the transaction due to close in the second quarter of the 2022 financial year.
“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.
The rationale for the deal was to take advantage of their joint strength in the identity industry. Though Auth0 will remain an “independent business unit” the two platforms will be integrated over time.
“Combining Auth0’s developer-centric identity solution with the Okta Identity Cloud will drive tremendous value for both current and future customers,” 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.”