$OKTA Okta Inc Deep Dive and 2024 Outlook

The Identity Cybersecurity company is finally turning its stock price around, but is it worth the investment

Okta, Inc. is a leading cloud-based identity management platform that provides a range of products and services to help businesses manage and secure user authentication into applications, and for developers to build identity controls into applications, website web services, and devices.

The company was founded in 2009 by Todd McKinnon and Frederic Kerrest, who previously worked together at Salesforce. Okta's product portfolio comprises Universal Directory, Single Sign-On, Access Gateway, Multi-Factor Authentication, Access Gateway, B2B Integration, API Access Management, and Lifecycle Management.

Its solution allows people to securely access cloud applications, websites, and mobile applications from various devices. The company offers its services based on a monthly subscription system and has business operations across North America, Asia-Pacific, and Europe.

Okta's customers include businesses from various industries such as healthcare, government, education, energy, financial services, technology, travel and hospitality, education, and professional services.

Okta's services are built on top of the Amazon Web Services cloud. The company primarily targets enterprise businesses and has claimed 14K customers as of 2020 include Zoominfo, JetBlue, Nordstrom, MGM Resorts International, and the U.S. Department of Justice.

Okta runs an annual “Oktane” user conference, which in 2018 featured former US President Barack Obama as a keynote speaker. Okta's financial performance has been strong, with revenues of $2.26 billion in 2024. The company's growth has been driven by its focus on innovation in platform and network, leveraging partner ecosystem, international expansion, and landing and expanding in large enterprises.

Okta has faced some security incidents in the past, including the theft of its source code in 2023 and a breach resulting in hackers stealing HTTP access tokens from Okta's support platform by BeyondTrust. These incidents have affected Okta's reputation and customer trust, but the company has taken measures to address these issues and improve its security posture.