Lesser-Known Tech Stocks to Buy: Okta (OKTA)
Market Cap: ~$2.2 billion
In the early days of Salesforce.com, inc. (NYSE:CRM), Todd McKinnon led the engineering department, which ballooned from 15 people to 250. Along the way, he received a top education on scaling a cloud business, but he also saw firsthand the inevitable pain points, such as secure logins.
It was there he saw a major business opportunity, and that’s why he launched Okta Inc (NASDAQ:OKTA) in 2009.
The timing seemed off, considering the world economy still was mired in the financial crisis and Great Recession. But companies still were moving toward cloud applications and desperately needed solutions like Okta’s. Says McKinnon:
“At Okta, we recognized from the start that identity is the foundation for connection between people and technology. Our products allow users to connect to any application from any device, all with a simple, intuitive and consumer-like user experience. The Okta Identity Cloud enables millions of users every business data securely access all the applications and data they need to do their most important work.”
Growth has been sizzling. Second-quarter revenues soared by 67% to $53 million, though that was outdone by a 75% jump in billings to $60 million. And Okta now boasts more than 3,350 customers spanning all verticals and sizes.