Okta, a company that provides identity management and single sign-on (SSO) software, today filed an S-1 form kicking off the process for an initial public offering (IPO). The company is initially looking to raise $100 million, according to the filing.
Okta will be trading on the Nasdaq under the symbol OKTA, the company said.
Even though Okta’s revenue more than doubled from $41 million to $85.9 million year over year, the company’s net losses also increased, from $59.1 million to $76.3 million. Almost all revenue comes from subscriptions — the rest comes from professional services.
On October 31, Okta had more than 2,900 customers. Customers with an annual contract value of at least $100,000 include Adobe, Bose, Con Edison, News Corp, and Western Union, the filing shows. Okta had 843 employees on October 31, the company said.
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The San Francisco-based company has raised a total of $231.5 million to date, with investors that include Andreessen Horowitz, Greylock Partners, Khosla Ventures, and Sequoia Capital, according to the filing.
Okta cites CA, Citrix, Dell’s RSA, IBM, Microsoft, Oracle, Symantec, and VMware as competitors.
VentureBeat listed Okta as one of the likely candidates to go public this year. It seems like Snap’s recent IPO is creating a domino effect in Silicon Valley, with both Okta and Yext filing today.
