Okta announced yesterday the closing of the agreement to acquire Auth0 in a share transaction valued at approximately US $ 6.5 billion. Auth0 will continue to operate as an independent unit within Okta, and both platforms will have support and investment, said Todd McKinnon, CEO and co-founder of Okta. The statement from the companies about the agreement states that “as a result, organizations will have a wider range of identity solutions to meet their unique needs. The complementary and comprehensive identity platforms from Okta and Auth0 are robust enough to serve the largest organizations in the world and flexible enough to address all identity use cases, regardless of the audience or user. ”
Okta’s CEO said that “the combination of Auth0’s developer-centric identity platform with Okta Identity Cloud will add tremendous value to current and future customers. In an increasingly digital world, identity is the unifying medium by which we use technology – both at work and in our personal lives. With so much at stake for businesses today, it is critical that we provide reliable customer-facing identity solutions. Okta 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 use identity to meet their business needs ”.
“I started my career as a developer,” added McKinnon. “Over the years, I have seen developers become more important than ever. They build all the experiences on the Internet. Auth0’s DNA is rooted in developers, and I have always admired its acute focus and leadership in the developer-led identity. ”
With the continued favorable winds of the global cloud and hybrid IT market, digital transformation and zero-confidence security, an identity platform has become one of the most critical technology investments an organization will make. These trends have accelerated over the past year, as companies of all sizes and in all sectors have had to turn quickly to deliver engaging online customer experiences. Organizations everywhere are rapidly leveraging identity to streamline processes, reduce costs, maintain the highest levels of security and improve customer experiences to drive business growth. Okta and Auth0 are both committed to providing innovation and value to organizations that are navigating these transformations.
“Okta and Auth0 have an incredible opportunity to build the identity platform of the future,” said Eugenio Pace, CEO and co-founder, Auth0. “We founded Auth0 to allow product creators 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 innovation and the ability of our customers to meet the needs and demands of consumers, businesses and employees everywhere. ”
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