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What is Okta, and How Does it Relate to Coinbase, Cloudflare, and Other Companies?

Hundreds of significant companies use Okta’s services, including T-Mobile US Inc, FedEx Corp, Moody’s Corp, and Coinbase Global Inc.

On Tuesday, San Francisco-based Okta Inc, a popular access management business that competes with PingID and Duo for online authentication services, announced that it would be investigating a data breach.

The breadth of the breach is unclear, but a compromise at Okta could have enormous ramifications because the company manages access to thousands of other organizations’ networks and apps. According to Okta, the breach might be linked to a January event.

Some facts regarding the company

Okta is a company that sells identity services like Single Sign-On as well as Multi-factor Authentication, which are employed to log into online apps and websites. Okta has been in operation since 2009, as per its website, and promotes itself as an “identity provider for the internet.” It claims to have over 15,000 users on its platform.

Hundreds of significant firms use Okta’s services, including FedEx Corp, Moody’s Corp, T-Mobile US Inc, and Coinbase Global Inc. Okta is also used by Cloudflare Inc, a global cloud service company. IN A TWEET, Cloudflare CEO Matthew Prince stated that the company has changed some employees’ passwords “out of an abundance of caution,” but that “no compromise” had occurred.

Todd McKinnon, Okta’s CEO, told CNBC in 2019 that the company has more than 100 million registered users. Whilst Okta is best known for its employee identity systems; the company has been growing its consumer identification business, which already amounts to a quarter of its total sales. PingID, Duo, Microsoft Corp, SecureAuth, and IBM are among Okta’s competitors.

Okta announced earlier this month that it had decided to purchase smaller rival Autho for $6.5 billion in an all-stock deal, making it among the year’s largest software deals. Throughout March, Okta announced quarterly revenue of $234.7 million, up 40% over the previous quarter. During the epidemic, its stock price has risen, bringing its market capitalization to nearly $30 billion.

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