Factbox: What is Okta, Hacked Authentication Service Provider?

The Okta logo is displayed in this illustration taken March 22, 2022. REUTERS/Dado Ruvic/Illustration – RC2R7T9UY7RP

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March 22 (Reuters) – San Francisco-based Okta Inc (OKTA.O), a widely used access management company that competes with PingID and Duo to provide online authentication services, said it was investigating on a digital breach on Tuesday.

The scale of the breach is unknown, but a hack at Okta could have major consequences as thousands of other companies rely on the company to manage access to their own networks and applications. Okta said the breach could be linked to an earlier incident in January. Read more

Here are some facts about the company:

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According to its website, Okta has been in business since 2009 and describes itself as the “identity provider for the internet.” He says he has more than 15,000 customers on his platform.

Okta sells identity services, such as single sign-on and multi-factor authentication, used to log in to online apps and websites.

Hundreds of large companies, such as FedEx Corp (FDX.N), T-Mobile US Inc (TMUS.O), Moody’s Corp (MCO.N) and Coinbase Global Inc (COIN.O), use Okta’s services .

Global cloud service provider Cloudflare Inc (NET.N) also uses Okta. Cloudflare CEO Matthew Prince said in a tweet that the company had reset some employees’ credentials “out of (an) abundance of caution” but had “confirmed no compromises.”

In a 2019 interview with CNBC, Okta CEO Todd McKinnon said the company has over 100 million registered users.

Okta competes with PingID, Duo, SecureAuth, Microsoft Corp (MSFT.O) and IBM (IBM.N). Although it is known for offering employee identification systems, Okta has grown its customer identification business, which now accounts for a quarter of its revenue.

Earlier this month, Okta said it had agreed to buy smaller rival Autho in a $6.5 billion all-stock deal, one of the largest software deals to date. now this year. Read more

Okta reported quarterly revenue of $234.7 million in March, an increase of 40%. The company’s stock price surged during the pandemic, bringing the company’s market capitalization to more than $30 billion.

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Reporting by James Pearson in London Editing by Matthew Lewis

Our standards: The Thomson Reuters Trust Principles.

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