California-based, cloud software startup, Okta has raised USD 75 million in series E round, as reported by Forbes. The round was led by new investors Janus Capital Group, Altimeter Capital as well as with participation from existing investors include Andreessen Horowitz, Greylock Partners and Khosla Ventures. Also, the company plans to go public in a few years.
It aims to utilize the new funds for fuelling its growth as well as to accelerate product innovation. Till date, including this round, the company has secured total capital of USD 155 million. Recently, the has received six round of investments viz. Series D (USD 27M, 2013), Series C (USD 25M, 2012), Series B (USD 16.50M, 2011), Series A (USD 10M, 2010) and USD 750,000 in Seed and Debt financing. The firm is backed by total 16 investors.
iamWire Take: Cloud technology is going to play a radical role in changing the digital industry. Even in India last year, startups in this space caught up with eCommerce companies when it came to raising funds. It could be expected that more startups would come up in this space in the coming future, and successfully raise funds too.
Recode says: Okta provides a single sign-on capability that makes it easy to grant and remove access to the many Web services that a company might use. Its customers include Chiquita Brands, LinkedIn, MGM Resorts, Western Union and software giant SAP.
McKinnon, Okta’s CEO has been talking about his IPO hopes for some time, and is reiterating them in comments today. He also discussed the tricky timing of his attempts to raise money in April just as the valuations of publicly held cloud companies had been falling.
TechCrunch says: The ultimate goal though is to be the identity network that holds the mobile-cloud driven economy together. Today, they have over 1,200 customers, which include LinkedIn, MGM Resorts International and Western Union and he believes that is a solid starting point on which to build the company moving forward.
More from Forbes: “Our original plan was, we wanted one more round to get cash-even with our revenue numbers, to go public within two years’ time,” says CEO McKinnon. “The plan was for fall, but in February and March, the market was great so we we figured we would raise a little more money and find investors interested in the IPO.”
Okta’s space is seeing other recent investments, too, so it wouldn’t be a surprise if a major enterprise company like IBM or SAP swooped in and set off a chain of acquisitions like what happened last year with the marketing automation space. McKinnon hopes that in that event, Okta prove the indepdendent that can hold its own as Marketo has.
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