Apr
03
2019
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Okta unveils $50M in-house venture capital fund

Identity management software provider Okta, which went public two years ago in what was one of the first pure-cloud subscription-based company IPOs, wants to fund the next generation of identity, security and privacy startups.

At its big customer conference Oktane, where the company has also announced a new level of identity protection at the server level, chief operating officer Frederic Kerrest (pictured above, right, with chief executive officer Todd McKinnon) will unveil a $50 million investment fund meant to back early-stage startups leveraging artificial intelligence, machine learning and blockchain technology.

“We view this as a natural extension of what we are doing today,” Okta senior vice president Monty Gray told TechCrunch. Gray was hired last year to oversee corporate development, i.e. beef up Okta’s M&A strategy.

Gray and Kerrest tell TechCrunch that Okta Ventures will invest capital in existing Okta partners, as well as other companies in the burgeoning identity management ecosystem. The team managing the fund will look to Okta’s former backers, Sequoia, Andreessen Horowitz and Greylock, for support in the deal sourcing process.

Okta Ventures will write checks sized between $250,000 and $2 million to eight to 10 early-stage businesses per year.

“It’s just a way of making sure we are aligning all our work and support with the right companies who have the right vision and values because there’s a lot of noise around identity, ML and AI,” Kerrest said. “It’s about formalizing the support strategy we’ve had for years and making sure people are clear of the fact we are helping these organizations build because it’s helpful to our customers.”

Okta Ventures’ first bet is Trusted Key, a blockchain-based digital identity platform that previously raised $3 million from Founders Co-Op. Okta’s investment in the startup, founded by former Microsoft, Oracle and Symantec executives, represents its expanding interest in the blockchain.

“Blockchain as a backdrop for identity is cutting edge if not bleeding edge,” Gray said.

Okta, founded in 2009, had raised precisely $231 million from Sequoia, Andreessen Horowitz, Greylock, Khosla Ventures, Floodgate and others prior to its exit. The company’s stock has fared well since its IPO, debuting at $17 per share in 2017 and climbing to more than $85 apiece with a market cap of $9.6 billion as of Tuesday closing.

Mar
08
2019
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Okta to acquire workflow automation startup Azuqua for $52.5M

During its earnings report yesterday afternoon, Okta announced it intends to acquire Azuqua, a Seattle, Wash. workflow automation startup, for $52.5 million.

In a blog post announcing the news, Okta co-founder and COO Frederic Kerrest saw the combining of the two companies as a way to move smoothly between applications in a complex workflow without having to constantly present your credentials.

“With Okta and Azuqua, IT teams will be able to use pre-built connectors and logic to create streamlined identity processes and increase operational speed. And, product teams will be able to embed this technology in their own applications alongside Okta’s core authentication and user management technology to build…integrated customer experiences,” Kerrest wrote.

In a modern enterprise, people and work are constantly shifting and moving between applications and services and combining automation software with identity and access management could offer a seamless way to move between them.

This represents Okta’s largest acquisition to-date and follows Stormpath almost exactly two years ago and ScaleFT last July. Taken together, you can see a company that is trying to become a more comprehensive identity platform.

Azuqua, which has raised $16 million since it launched in 2013, appears to have given investors a pretty decent return. When the deal closes, Okta intends to move the Azuqua team to its Bellevue offices, increasing its presence in the Northwest. Okta’s headquarters are in San Francisco. Azuqua customers include Airbnb, McDonald’s, VMware and HubSpot,

Okta was founded in 2009 and raised over $229 million before going public April, 2017.

Oct
10
2018
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Google expands its identity management portfolio for businesses and developers

Over the course of the last year, Google has launched a number of services that bring to other companies the same BeyondCorp model for managing access to a company’s apps and data without a VPN that it uses internally. Google’s flagship product for this is Cloud Identity, which is essentially Google’s BeyondCorp, but packaged for other businesses.

Today, at its Cloud Next event in London, it’s expanding this portfolio of Cloud Identity services with three new products and features that enable developers to adopt this way of thinking about identity and access for their own apps and that make it easier for enterprises to adopt Cloud Identity and make it work with their existing solutions.

The highlight of today’s announcements, though, is Cloud Identity for Customers and Partners, which is now in beta. While Cloud Identity is very much meant for employees at a larger company, this new product allows developers to build into their own applications the same kind of identity and access management services.

“Cloud Identity is how we protect our employees and you protect your workforce,” Karthik Lakshminarayanan, Google’s product management director for Cloud Identity, said in a press briefing ahead of the announcement. “But what we’re increasingly finding is that developers are building applications and are also having to deal with identity and access management. So if you’re building an application, you might be thinking about accepting usernames and passwords, or you might be thinking about accepting social media as an authentication mechanism.”

This new service allows developers to build in multiple ways of authenticating the user, including through email and password, Twitter, Facebook, their phones, SAML, OIDC and others. Google then handles all of that authentication work. Google will offer both client-side (web, iOS and Android) and server-side SDKs (with support for Node.ja, Java, Python and other languages).

“They no longer have to worry about getting hacked and their passwords and their user credentials getting compromised,” added Lakshminarayanan, “They can now leave that to Google and the exact same scale that we have, the security that we have, the reliability that we have — that we are using to protect employees in the cloud — can now be used to protect that developer’s applications.”

In addition to Cloud Identity for Customers and Partners, Google is also launching a new feature for the existing Cloud Identity service, which brings support for traditional LDAP-based applications and IT services like VPNs to Cloud Identity. This feature is, in many ways, an acknowledgment that most enterprises can’t simply turn on a new security paradigm like BeyondCorp/Cloud Identity. With support for secure LDAP, these companies can still make it easy for their employees to connect to these legacy applications while still using Cloud Identity.

“As much as Google loves the cloud, a mantra that Google has is ‘let’s meet customers where they are.’ We know that customers are embracing the cloud, but we also know that they have a massive, massive footprint of traditional applications,” Lakshminarayanan explained. He noted that most enterprises today run two solutions: one that provides access to their on-premise applications and another that provides the same services for their cloud applications. Cloud Identity now natively supports access to many of these legacy applications, including Aruba Networks (HPE), Itopia, JAMF, Jenkins (Cloudbees), OpenVPN, Papercut, pfSense (Netgate), Puppet, Sophos and Splunk. Indeed, as Google notes, virtually any application that supports LDAP over SSL can work with this new service.

Finally, the third new feature Google is launching today is context-aware access for those enterprises that already use its Cloud Identity-Aware Proxy (yes, those names are all a mouthful). The idea here is to help enterprises provide access to cloud resources based on the identity of the user and the context of the request — all without using a VPN. That’s pretty much the promise of BeyondCorp in a nutshell, and this implementation, which is now in beta, allows businesses to manage access based on the user’s identity and a device’s location and its security status, for example. Using this new service, IT managers could restrict access to one of their apps to users in a specific country, for example.

 

Jul
18
2018
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Okta nabs ScaleFT to build out ‘Zero Trust’ security framework

Okta, the cloud identity management company, announced today it has purchased a startup called ScaleFT to bring the Zero Trust concept to the Okta platform. Terms of the deal were not disclosed.

While Zero Trust isn’t exactly new to a cloud identity management company like Okta, acquiring ScaleFT gives them a solid cloud-based Zero Trust foundation on which to continue to develop the concept internally.

“To help our customers increase security while also meeting the demands of the modern workforce, we’re acquiring ScaleFT to further our contextual access management vision — and ensure the right people get access to the right resources for the shortest amount of time,” Okta co-founder and COO Frederic Kerrest said in a statement.

Zero Trust is a security framework that acknowledges work no longer happens behind the friendly confines of a firewall. In the old days before mobile and cloud, you could be pretty certain that anyone on your corporate network had the authority to be there, but as we have moved into a mobile world, it’s no longer a simple matter to defend a perimeter when there is effectively no such thing. Zero Trust means what it says: you can’t trust anyone on your systems and have to provide an appropriate security posture.

The idea was pioneered by Google’s “BeyondCorp” principals and the founders of ScaleFT are adherents to this idea. According to Okta, “ScaleFT developed a cloud-native Zero Trust access management solution that makes it easier to secure access to company resources without the need for a traditional VPN.”

Okta wants to incorporate the ScaleFT team and, well, scale their solution for large enterprise customers interested in developing this concept, according to a company blog post by Kerrest.

“Together, we’ll work to bring Zero Trust to the enterprise by providing organizations with a framework to protect sensitive data, without compromising on experience. Okta and ScaleFT will deliver next-generation continuous authentication capabilities to secure server access — from cloud to ground,” Kerrest wrote in the blog post.

ScaleFT CEO and co-founder Jason Luce will manage the transition between the two companies, while CTO and co-founder Paul Querna will lead strategy and execution of Okta’s Zero Trust architecture. CSO Marc Rogers will take on the role of Okta’s Executive Director, Cybersecurity Strategy.

The acquisition allows the Okta to move beyond purely managing identity into broader cyber security, at least conceptually. Certainly Roger’s new role suggests the company could have other ideas to expand further into general cyber security beyond Zero Trust.

ScaleFT was founded in 2015 and has raised $2.8 million over two seed rounds, according to Crunchbase data.

Jan
18
2018
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Okta teams up with ServiceNow to bring identity layer to breach containment

 Okta and fellow cloud company ServiceNow got together to build an app that helps ServiceNow customers using their security operations tools find security issues related to identity and take action immediately.
The company launched the Okta Identity Cloud for Security Operations app today. It’s available in the ServiceNow app store and has been designed for customers who are using both… Read More

Sep
26
2017
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Google Cloud acquires cloud identity management company Bitium

 Google Cloud announced today that it has acquired Bitium, a company that focused on offering enterprise-grade identity management and access tools, such as single-sign on, for cloud-based applications. This will basically help Google better manage enterprise cloud customer implementation across an organization, including doing things like setting security levels and access policies for… Read More

Sep
05
2017
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Identity management startup ForgeRock snags $88 million Series D

 Used to be when we thought about identity as it relates to computers and software, it involved a person logging into an application or service. Increasingly though, you also have machines and sensors attempting to authenticate as they access your systems. That creates complications for identity management vendors because instead of managing thousands or tens of thousands of identities, it… Read More

Aug
29
2017
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Okta makes 2FA standard for all customers as it opens Oktane customer conference

Okta Team Rings Bell There was a time when two-factor identification (2FA) was nice to have, but times have changed as hackers get ever more sophisticated and users need whatever edge they can get. Perhaps that’s why Okta, the cloud identity company that went public earlier this year, announced that it’s making 2FA the standard for all its customers.
They made the announcement at their annual Oktane… Read More

Apr
07
2017
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Okta pops as Wall Street continues to take a shine to the enterprise

Okta Team Rings Bell Okta came out of the gate strong today in its Wall Street debut, attracting the type of institutional investors CEO Todd McKinnon says should be around for the long haul. This IPO comes at a time when Wall Street appears ready to embrace enterprise technology companies. Read More

Mar
06
2017
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Okta acquihires Stormpath, doubles down on identity in apps and APIs

 Okta, the $1.2 billion identity management startup for enterprises that some tip for an IPO this year, has made an acquisition of sorts to expand one of its newer lines of business: managing IDs across APIs and apps. Today the San Francisco-based company announced that it has picked up the team from Stormpath, an early mover in providing a way for developers to implement authentication… Read More

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