Identity management offered as a cloud-based service (IDaaS) is a rapidly growing sector of enterprise software.
This growth has spurred the rise of San Francisco-based identity management firm Okta, a key player in the industry which last week acquired cloud-based integration firm Azuqua.
Okta’s Identity Cloud gives enterprises an easy way to give users access and oversee the rights that have been assigned to SaaS and cloud systems. Within this Identity Cloud are several products, including Okta’s Lifecycle Management, which is focused on managing access to different tools and systems as employees move around and change roles within an organisation. Azuqua’s workflow automation technology will now be integrated into this product, helping Okta’s customers increase operational speed by streamlining identity processes:
“With Okta and Azuqua, IT teams will be able to use pre-built connectors and logic to create streamlined identity processes and increase operational speed. And, product teams will be able to embed this technology in their own applications alongside Okta’s core authentication and user management technology to build delightful, integrated customer experiences.” said Okta COO & Co-Founder Frederic Kerrest in the press release.
As an identity management provider, Okta operates at the intersection of three very active markets – SaaS, Cloud, and CyberSecurity – that have all seen a surge in acquisition activity over recent years.
Okta itself has made several complementary acquisitions in these sectors, including Cyber Security firms SpydrSafe and Scale FT, in 2014 and 2018 respectively, and API-provider Stormpath in 2017.
As the largest acquisition to date, the purchase of Azuqua represents a significant step forward for Okta in securing its own future in the global identity and access management market, which according to a Grand View report published last year is estimated to grow 13 percent annually to reach $22.7 billion by 2025.
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