U.S. Markets closed
  • S&P 500

    4,173.85
    +61.35 (+1.49%)
     
  • Dow 30

    34,382.13
    +360.68 (+1.06%)
     
  • Nasdaq

    13,429.98
    +304.99 (+2.32%)
     
  • Russell 2000

    2,224.63
    +53.68 (+2.47%)
     
  • Crude Oil

    65.51
    +1.69 (+2.65%)
     
  • Gold

    1,844.00
    +20.00 (+1.10%)
     
  • Silver

    27.50
    +0.46 (+1.69%)
     
  • EUR/USD

    1.2146
    +0.0062 (+0.5101%)
     
  • 10-Yr Bond

    1.6350
    -0.0330 (-1.98%)
     
  • Vix

    18.81
    -4.32 (-18.68%)
     
  • GBP/USD

    1.4102
    +0.0050 (+0.3582%)
     
  • USD/JPY

    109.3470
    -0.0870 (-0.0795%)
     
  • BTC-USD

    47,392.77
    -2,003.16 (-4.06%)
     
  • CMC Crypto 200

    1,398.33
    +39.77 (+2.93%)
     
  • FTSE 100

    7,043.61
    +80.28 (+1.15%)
     
  • Nikkei 225

    28,084.47
    +636.46 (+2.32%)
     

Okta Set To Acquire Identity Platform Auth0 For $6.5B

  • Oops!
    Something went wrong.
    Please try again later.
Anusuya Lahiri
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Okta Inc (NASDAQ: OKTAinked an agreement to acquire an identity platform for application teams, Auth0, in a stock transaction worth $6.5 billion.

  • Okta and Auth0 will address a broad set of identity use cases and ensure safer usage of any technology under the arrangement.

  • The transaction will fast-track Okta's growth in the $55 billion identity market. Auth0 will function as an independent business unit inside of Okta. Consequently, organizations will have greater choices in selecting the identity solution for their unique needs.

  • Okta's and Auth0's joint vision for the identity market will fast-track innovation, enabling customers to leverage identity to accomplish their business needs in the increasingly digitalized world as per Okta CEO Todd McKinnon.

  • Okta's cash and cash equivalents amounted to $2.56 billion as of January 31, 2021.

  • Price action: OKTA stock was lower by 10.8% at $215.24 in the pre-market session on the last check Thursday.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.