Identity Management software start-up, Okta has publicly filed a registration statement with the US Securities and Exchange Commission (SEC).
Okta originally specialised in Identity management software, but has since expanded into security, mobile device management and two-factor authentication.
The company is the latest in a long line of technology start-ups looking to tap into the public markets following an IPO drought, following in the footsteps of Snap, Cloudera and Mulesoft.
Okta is looking to raise up to $100 million as part of the SEC filing. Okta also aims to list its Class A common stock on the NASDAQ Global Select Market.
Prior to this, Okta’s financials have shown wide losses of up to $22 million in Q3 2016 but hasn’t been recorded with a noticeable increase since then.
However, the filing reveals that the company has not earned a profit since it was founded in 2009 and its losses are likely to be mounting, according to the SEC filing.
The filing said: “We have incurred significant net losses in each year since our inception, including net losses of $59.1 million in fiscal 2015 and 2016, respectively, and $54.9 million and $65.3 million for the nine months ended October 31, 2015 and 2016 respectively.”
Okta is rumoured to have been an IPO candidate for a while, but may have put off filing an IPO due to the lack of activity in the IPO market in 2016.
Also, being a company that has enjoyed significant partnerships with Microsoft, Google and Amazon Web Services, its success or failure could be seen across the market, while its own performance is somewhat reliant upon the performance of others like AWS.
“A prolonged AWS service disruption affecting our platform for any of the foregoing reason could damage our reputation with current and potential customers, expose us to liability, cause us to lose customers or otherwise harm our business,” Okta said in the filing.