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Technology / Cybersecurity

Okta Posts Record Quarter, Wins NTT Data, 450 New Customers

San Francisco-based identity management enterprise Okta saw a record quarter for revenue and customer growth in Q2, posting $94.4 million (£72.9 million) in earnings; up 57 percent year-over-year.

Major clients win for the quarter included Japan’s NTT Data services, a top 10 global IT services provider, which has brought Okta in to manage SSO universal directory, lifecycle management and adaptive multifactor authentication.

The company grew its customer base to over 5,150 organisations in Q2, adding 450 for the quarter, with a strong dollar-based net retention rate of 121 percent, a conference call with analysts revealed.

See also: Okta Snaps Up ScaleFT, Takes Aim at $50 Billion VPN Market

Existing customer 21st Century Fox, which uses the company’s single sign-on architecture to manage access for some 30,000 employees, added API access management to streamline authorisation in Q2, Okta said.

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Okta: A Refresher

Rapidly growing Okta develops a range of tools to help workers access a range of applications and services securely and simply, amid a rise in the use of cloud-based tools, often accessed remotely by geographically diverse teams.

 

NTT dataThe company offers a secure, single sign-on for end users, giving them one place to access cloud applications they need, along with end-user management tools [pdf] that are integrated with Active Directory (AD), including user provision.

Approximately 60 percent of the company’s Q2 revenue came from outside of the US, growth of 63 percent over the same period last year, the company’s Bill Losch said on an Okta results earnings call Thursday.

Okta CEO Todd McKinnon commented in a released statement that: “We continued to see momentum across our business in the second quarter of the fiscal year, with year-over-year subscription revenue growth of 59%, including particular strength in the enterprise.”

Subscription revenue for the company was $87.9 million (£67.9) for the second quarter.

See Also: Strategic acquisition of ScaleFT gives Okta Zero Trust Credentials

The enterprise saw a growth of 55 percent in businesses with over $100,000 annual recurring revenue adopting the service. Todd McKinnon described the growth as “testament to the increasing strategic need for an identity solution as organizations move to the cloud. This need is pervasive and imperative, and I believe we are in the early stages of capitalizing on this high growth opportunity.”

Okta Results: 450 New Clients

New customers announced in this quarter are Eagleview Technologies, Cisco Meraki, Pret A Manger and Vox Media.

Okta Q2

While the company is seeing strong growth in new customers it is also reporting that existing companies are expanding their uptake of Okta’s offering, with Melody Hildebrandt, Global CISO at 21st Century Fox commenting in the release that: “The Okta Identity Cloud helps our apps work together, gives us visibility and the ability to take action when we see suspicious behaviour.

“The Okta Identity Cloud has already helped us make our teams more productive and secure by leaps and bounds, which is why we’re excited to implement Okta API Access Management to further harden our security posture and streamline authorization for our custom developed applications.”
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CBR Staff Writer

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