Big news this week! On Wednesday, Okta announced that they’re acquiring Auth0, the cloud identity platform, for around $6.5 billion. This is truly a milestone moment in the cloud identity market and will create many new opportunities for both organizations and the companies that support them. For BeyondID, this is a very exciting announcement and we congratulate Okta and Auth0 on joining forces.
Okta started on the workforce side of identity while Auth0’s focus has been on the development side, helping developers design identity management into applications that are more customer-facing. With the rapid growth in both areas – workforce identity is a $30B market and customer identity is $25B – both companies now have complementary technologies and access to new markets and customers.
Why is BeyondID so thrilled about this news?
A number of reasons. First and foremost, as a Platinum Services Partner for Okta, we play an important role in helping organizations successfully implement and manage the Okta platform. Our mission is making organizations secure, agile and future proof. With Okta as a partner, that means helping companies put the right safeguards in place, leverage cloud platforms for rapid growth and become resilient to the evolving needs of identity management. Okta has been a terrific partner for BeyondID and we will continue to grow together as we both reach new milestones in revenue and the number of customers.
Now, Auth0 joins the effort. With 9,000 customers (Okta has 10,000), it broadens the opportunities for BeyondID to provide the high level of managed identity services to their current and future customers and make them Raving Fans like our customers are today. And with their focus on customer identity, it’s a natural fit for us to be working together. One of the fastest growing areas of our business is Customer Identity and Access Management (CIAM) and that will continue to be a major focus moving forward. Our goal will be helping those companies discover, migrate, integrate and manage their identity infrastructures.
Finally, this is further testament to the importance of the Third Wave of cloud computing for cloud services organizations. Tercera invested $9 million in BeyondID in a Series A round of financing a few weeks ago. They clearly recognize the fundamental role cloud service providers play in an organization’s success. So much so that Tercera’s fund is dedicated to finding and investing in businesses with great potential in cloud services management. And the acquisition of Auth0 by Okta is another step in achieving that goal.
It’s an exciting week to be a managed identity services provider!