Okta buys a “low code” cloud identity management startup Azuqua for $52.5 Million
The company faces a loss of 21 to 22 % per share on revenue of $116million – $117 million in first-quarter 2019
Okta to integrate Azuqua’s technology with its Life cycle management products.
Okta Inc, a cloud identity management firm buys Azuqua, a “low code” cloud identity management startup. The deal between two valued $52.5 Million. Okta after acquiring Azuqua said it will integrate Azuqua’s technology with its Life cycle management products that are used by enterprises for provision services and applications of new employees. Azuqua has special features in its technology it assists in combining data from various sources across customer backend systems. Okta will use Azuqua’s technology to synchronize employee identities in its workforce including persons used in payroll systems and human resources.
According to a statement of Frederic Kerrest, Okta’s COO and co-founder, “Identifying all technologies is a unique method to make all technologies work securely and more effectively. Identity will power the next wave of movement to best-in-breed technology.”
Constellation Research Inc. Analyst Holger Mueller told Silicon ANGLE that the merger between Okta and Azuqua will be beneficial as “low code” companies are powerful entities for enterprises that allow employees that lack coding knowledge to build next-generation applications. He also added, now Okta is buying Azuqua, allowing its customers to develop identity operated applications. User management as well as authentication is one of the barriers for low code as there are no operations personnel. CxOs will benefit itself with the combined offering, especially if they are already customers of Okta. The merger is also expected to lower the disappointing forecast of Okta and enhance its investors.
The company is estimating loss of 21 to 22 % per share on revenue of $116 million – $117 million in first-quarter 2019, and a full-year loss of 48-53% on revenue of $530 million to $535 million. Wall Street had estimated a first-quarter loss of just 12 % per share on $111.7 million and a full-year loss of 22 % on revenue of $518.3 million.
Okta subscriber numbers are enhancing at a great pace and its revenue growth has hiked by 53% to $108.5 Million. It has now total 6,100 customers in its basket.
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