The stock of Okta, Inc. (NASDAQ: OKTA), a leading independent identity provider, has been dropping 10.46% in pre-market trading today following news of an acquisition deal by the company announced yesterday.
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The Okta Identity Cloud enables enterprises and government agencies to connect the right people with the right technology at the right time. It’s over 7,000 pre-built integrations provide simple and secure access to people and organizations everywhere to applications and infrastructure providers, giving them the confidence to succeed. JetBlue, Nordstrom, Siemens, Slack, T-Mobile, Takeda, Teach for America, and Twilio are just some of the companies who trust Okta to protect their customers’ as well as workforce identities.
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Unveiling the acquisition of Auth0, a leading identity platform for application teams, Okta today announced that it has been acquiring the company in a stock deal valued at approximately $6 billion.
- With the combination of Okta and Auth0, a wide range of identity use cases can be addressed, and the company’s shared vision of enabling everyone to safely engage with the internet can be realized at a much more rapid pace.
- With the acquisition, Okta will expand in the $55 billion identity market.
- Auth0 will remain a separate business unit within Okta, and the two platforms will be supported, integrated, and developed together, resulting in a more compelling offering as a whole.
- Okta will pay roughly $6 billion in Okta Class A common stock to acquire Auth0 for $276.21 a share.
- Auth0 and Okta each have their boards of directors approve the transaction.
- Receiving regulatory approvals and resolving customary closing conditions are required for the proposed transaction.
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- In Okta’s second quarter of the fiscal year 2022, ending July 31, 2021, the transaction is expected to close.
