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Okta reports profits, moves headquarters and launches a free service for new companies

It was a great day for the online identity management provider, Okta.

After reporting better-than-expected third-quarter earnings, the company also made a series of announcements.

Okta, which counts corporate clients such as Nordstrom and government clients such as the US Department of Justice. UU., He said that it is now underway to allow startups to use their services for free. Young organizations with up to 25 employees can use Okta Identity Cloud without charge for one year.

Okta is "trying to really capture and provide value to the next big companies," Todd McKinnon told TechCrunch. You probably expect them to become corporate clients as your business grows and you are satisfied with the secure login services.

Okta also announced that he is moving his headquarters. The company signed a 10-year lease to move to 100 First Street in San Francisco.

On the earnings front, revenues reached $ 68.2 million in the quarter. This exceeded analysts' estimates of $ 62.84 million. Adjusted net losses per share were 19 cents, better than the 24 negative cents that Wall Street predicted.

There are many companies in the secure login space. When asked about startups such as Duo or SailPoint, which were recently made public, McKinnon said they "have a part of what we offer" and "we have a large package."

He believes that Okta's real competitors are the incumbents like IBM and Oracle. and Computer Associates. "We are replacing that legacy," says McKinnon.

The company went public in April and put its shares at $ 17. The stock closed at $ 28.46 on Wednesday. Increased 5% in initial trade after hours.

Featured image: Okta

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