Okta sees great growth ahead as it expands its services.
The cybersecurity company said on Wednesday that it expects revenue for the fiscal year to grow by 30% as it introduced two new products, one in “privileged access management” and another in “identity management and administration”.
Privileged access aims to protect data from hacking within an organization, while identity management and administration are designed to streamline the way an organization decides what information users have access to on their servers.
The addition of these new tools also increases Okta̵
“We have a huge address market,” McKinnon said in an interview with Mad Money. “As everything moves to the cloud, as companies need to connect with their customers through digital channels, as everyone is concerned about security, this massive $ 80 billion TAM (common address market) is the foundation for sustainable growth for a long time from time.”
Okta provides security tools to authenticate users, such as password authorization, access to online networks.
In privileged access management and identity management and administration, Kramer noted that the company will enter markets dominated by CyberArk and SailPoint Technologies. Okta partners with both companies.
McKinnon estimated that identity management and the market opportunities for privileged access services reach $ 15 billion.
“There is enough room for many providers to follow suit. We are following it from a very cloud-based approach,” he said. “We will continue to work with these partners while doing what our customers want. This covers all cases of use of their identity. “
Okta forecasts total revenue to reach $ 1.09 billion in its current fiscal year. The company reported $ 835.4 million in revenue in the previous fiscal year ended Jan. 31.
In recent years, growth has been steadily slowing. Okta reported revenue growth of 42.5% in fiscal 2021 compared to 53.6% in fiscal 2019.