"Okta's quarterly figures were more positive than expected. In addition, Israeli company Axiom Security is being acquired for $100 million. Okta's revenue rose to $728 million, 13 percent more than the same period a year ago. This was also higher than the $711.8 million predicted by analysts. According to CEO Todd McKinnon, the improvement can be explained by "the adoption of new products, the public sector, Auth0, and cash flow.""
"Axiom Security, founded in 2021, immediately sounds like a logical extension of Okta's existing identity security platform. The startup specializes in Privileged Access Management (PAM) and promises to bring customers to the intended least-privileged state of affairs in which no employee has more access than necessary. What's more, sensitive access can be provided temporarily via a just-in-time tool. Axiom's solution works for secure access to the public cloud, SaaS, databases, Kubernetes, and servers."
"The argument for purchasing additional services from Okta beyond secure logins is the same as for Axiom: most cyber threats arise from identity issues. In short, this is a logical step for Okta, which hopes to complete it in September. Axiom's offering will be integrated into Okta's existing Privileged Access platform. For the coming quarter, Okta expects to generate between $2.875 billion and $2.885 billion in revenue, an increase from its previous forecast."
Okta reported revenue of $728 million, a 13 percent year-over-year increase that exceeded analyst estimates of $711.8 million. The improvement was attributed to the adoption of new products, growth in the public sector, the Auth0 acquisition, and improved cash flow. Retention remained strong even where some government contracts were modified or postponed. Okta is acquiring Axiom Security for $100 million to add Privileged Access Management (PAM) and just-in-time privileged access across cloud, SaaS, databases, Kubernetes, and servers. Axiom’s tools aim to enforce least-privileged access. Okta expects revenue guidance of $2.875–$2.885 billion and plans to complete integration by September.
Read at Techzine Global
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