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March 3, 2021 10:20 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/kcSw1nKuXeM/okta-says-its-buying-security-rival-auth0-for-65-billion
Okta Says It's Buying Security Rival Auth0 For $6.5 Billion
Okta, whose cloud software allows office workers to access all of their apps through a secure online service, said on Wednesday that it's spending $6.5 billion to acquire rival Auth0. CNBC reports: Okta's shares plunged about 13% in extended trading after the announcement. The all-stock deal equals about 21% of Okta's market cap as of Wednesday's close. Okta said it expects the transaction to close by the end of July. Okta co-founder and CEO Todd McKinnon was previously a vice president at Salesforce, working under Marc Benioff for over five years. McKinnon is now taking a page from Benioff's playbook, paying up for acquisitions while still focusing on internal growth. McKinnon wrote in a blog post that Auth0 will continue to operate independently. He said Auth0 CEO Eugenio Pace for years, calling him "an enthusiastic ally in establishing identity as a primary cloud." "Both Eugenio and I have devoted our careers to identity because we know that selecting an identity platform is one of the most critical technology investments an organization can make." McKinnon wrote.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/kcSw1nKuXeM/okta-says-its-buying-security-rival-auth0-for-65-billion
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