Okta Says It's Buying Security Rival Auth0 For $6.5 Billion (cnbc.com) 10
Okta, whose cloud software allows office workers to access all of their apps through a secure online service, said on Wednesday that it's spending $6.5 billion to acquire rival Auth0. CNBC reports: Okta's shares plunged about 13% in extended trading after the announcement. The all-stock deal equals about 21% of Okta's market cap as of Wednesday's close. Okta said it expects the transaction to close by the end of July. Okta co-founder and CEO Todd McKinnon was previously a vice president at Salesforce, working under Marc Benioff for over five years. McKinnon is now taking a page from Benioff's playbook, paying up for acquisitions while still focusing on internal growth.
McKinnon wrote in a blog post that Auth0 will continue to operate independently. He said Auth0 CEO Eugenio Pace for years, calling him "an enthusiastic ally in establishing identity as a primary cloud." "Both Eugenio and I have devoted our careers to identity because we know that selecting an identity platform is one of the most critical technology investments an organization can make." McKinnon wrote.
McKinnon wrote in a blog post that Auth0 will continue to operate independently. He said Auth0 CEO Eugenio Pace for years, calling him "an enthusiastic ally in establishing identity as a primary cloud." "Both Eugenio and I have devoted our careers to identity because we know that selecting an identity platform is one of the most critical technology investments an organization can make." McKinnon wrote.
Links? (Score:3)
Re: (Score:2)
If I read that right, CEO Eugenio Pace wants to identify as a cloud. Or the other guy does. It's unclear.
They should write gooder.
Re: Links? (Score:1)
"... identity as a primary cloud." (Score:2)
What does that even mean?
Is it a cloud of crack, or what?
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This is the way CEOs sometimes talk, either because they're 5000 light years ahead of us in effortlessly grasping complex high level concepts, or because they don't know what the hell they're talking about.
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I think it means Identity as a cloud service.
Re: "... identity as a primary cloud." (Score:1)
Still makes no sense to me...
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It's a cloud-based 3rd party identity provider for auth.
Or no sense as in, "Why would I trust someone else to authenticate my users?"?
Sooo.... (Score:2)
In *real money* or bitcoin?