OKTA INC HAD A LOT TO CELEBRATE ON IT 10TH ANNIVERSARY 10 years ago, when the San Francisco Okta Inc was founded it had two employees and zero revenue. Fast forward to today and Okta has grown to employ over 1,400 with total revenue above $392 million with the company’s market cap currently sitting at about $8.8 billion with the main factor driving Okta’s success being the rise of cloud adoption by companies and the fact that the company has over 100 million registered users. Okta, which provides companies including the likes of Adobe and Twenty-First Century Fox with a secure, cloud-based system for managing employees’ and customers’ access to digital tools and information. Okta’s 10th anniversary comes at a particular- ly meaningful time for the company in terms of growth, both in its end markets and in the business itself. In 2009, the year Okta was founded, the entire software-as-a-service market was valued at just over $5 billion, today in 2019 that value has grown to roughly $50 billion.
AMAZON CONTINUES TO GROW AND ACQUIRE
Although terms of the deal weren’t disclosed, Amazon did release that it’s acquiring San Francisco based Eero, a developer of internet routers that can be easily connected in the home. Amazon’s latest acquisition is to further strengthen the company’s position in the smart home market, following the acquisition of video doorbell maker ring last year for $1 billion. Eero was founded in 2014 by Nick Weaver, Amos Schallich and Nate Hardison with the goal of making Wi-Fi simple to use, easy to install and effective across many rooms in a house. This will be an excellent pairing with Amazon’s primary home device the Echo smart speaker, powered by Alexa.
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SPOTLIGHT ON BUSINESS MAGAZINE • FEBRUARY 2019
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