Independent identity provider, Okta, today announced it has entered a definitive agreement to acquire Auth0 for $US 6.5 billion in stock. The acquisition will accelerate the companies’ shared vision of enabling everyone to safely use any technology, shaping the future of identity on the Internet.
Okta‘s Identity Cloud enables organisations to securely connect the right people to the right technologies at the right time, with over 6,500 pre-built integrations to applications and infrastructure providers. Auth0 provides a platform to authenticate, authorise and secure access for applications, devices, and users.
Together, the transaction will accelerate Okta’s growth in the $US 55b identity market. Auth0 will remain an independent business unit inside Okta but will receive Okta’s support and investment, with a view to both platforms integrating over time.
The result means organisations will have greater choice in selecting the identity solution for their own specific requirements. With enterprises moving to hybrid multi-cloud, there’s no longer any such thing as a network perimeter, because the entire Internet is the perimeter. This, along with drives to digital transformation and zero-trust security, means a secure, robust, scalable, flexible identity platform is one of the most critical technology investments an organisation will make.
“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 up 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.”
“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.”
Okta will acquire Auth0 for approximately $US 6.5 billion in Okta Class A common stock (subject to customary purchase price adjustments and certain customary cash payouts in lieu of stock) based on a fixed number of Okta shares and an Okta share price of $US 276.21. The boards of directors of Okta and Auth0 have each approved the transaction. An investor presentation about the transaction is available on Okta’s investor relations website.
The proposed transaction is subject to receipt of required regulatory approvals and satisfaction or waiver of other customary closing conditions and is expected to close during Okta’s second quarter of the fiscal year 2022, the quarter ending July 31, 2021.
Here is an official Okta video, explaining what the company does.
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