Okta is a cloud security company that allows businesses to manage employee logins for various websites. Instead of issuing usernames and passwords, enterprises depend on third-party software providers.
Okta can pull all of the information from different services and store it in one location. Okta signed up 140 new enterprise customers in 2012. They now have around 300,000 customer employees using their service. Okta is competing against companies like Oracle and Salesforce.com.
Those two companies started recently offering similar identity management services. Okta CEO and co-founder Todd McKinnon said that seeing large companies competing against his company validates the business idea.
McKinnon used to be SVP of engineering for Salesforce.com in the early years of that company. Okta was the first cloud startup company that was backed by Andreessen Horowitz.
Other Okta investors include Sequoia Capital, Greylock Partners, Khosla Ventures, and Floodgate. The company now has a total of $53 million.