Okta Ventures Invests In VNDLY

By Annie Baker ● Jun 24, 2020
  • Leading cloud-based workforce management systems company VNDLY announced a strategic investment in the company from Okta Ventures

Leading cloud-based workforce management systems company VNDLY announced a strategic investment in the company from Okta Ventures — which is the investment fund of Okta. And for VNDLY, the investment supports continued development of its cloud-native vendor management technology platform that seamlessly integrates with Okta’s single sign-on and provisioning technology.

Okta Ventures launched in 2019 to fund companies that are focused on modern identity-architecture design and adoption while also having the potential to add to the existing Okta ecosystem.

“What excites me most about this partnership is that it started with a pain point experienced by our mutual customers,” said VNDLY CEO and co-founder Shashank Saxena. “Our clients have been looking for ways to extend provisioning into their external workforces, and this partnership increases our ability to provide a modern technology stack that supports each company’s digital transformation.  Okta is the perfect technology partner for VNDLY because our clients want our platform with the ease of single sign-on and the promise that their information is secure. We’re honored that Okta has decided to support VNDLY as we continue to develop modern technology that integrates with other important technologies in the workforce management space.”

Along with the financial partnership, Okta is a technology partner with VNDLY — which is providing its clients secure single sign-on and provisioning capabilities via the Okta Identity Cloud. And the companies offer complementary cloud-native and modern technologies that meet client needs while offering increased efficiency, lower cost, heightened security and compliance, and easy integration and use. Plus the joining of forces gives the non-employee labor market a singular and innovative option for secure sourcing, engaging, and managing external workforces.

VNDLY is currently live on the Okta Identity Network with a pre-built and pre-configured API integration so mutual customers are able to reap the benefits of the ready-to-use integration. And about 25% of VNDLY customers in active implementation are using Okta for identity management and provisioning.

“Okta is on a mission to securely connect the right people to the right technologies at the right time. We integrate with best-of-breed technologies to enable organizations to seamlessly and securely use the best technologies for their business,” added Monty Gray, senior vice president of corporate development at Okta. “VNDLY’s vendor management technology platform provides our joint customers with a solution to easily manage access to critical tools for both employees and contractors, increasing efficiency and security. We’re excited to integrate with VNDLY to provide our customers with a seamless solution for workforce management.”