Snap isn’t the only startup that thinks now is the time to go public. Enterprise software company Okta officially filed for an IPO on Monday and plans to trade on NASDAQ under the stock ticker “OKTA.”
Okta specializes in identity management software that helps companies keep track of which of their employees are accessing various apps and services. The startup is a member of Fortune’s Unicorn List of startups with reported valuations of over $1 billion. The company raised $75 million in its most recent round of funding in Sep. 2015.
Although identity management software has long existed for IT administrators, the rise of cloud computing and various cloud software services like Salesforce (CRM) has made it harder for companies to adequately track of all that software and who is using the various services.
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Okta earned in $111.5 million in sales during a nine-month time period that ended on Oct. 31, 2016. That makes for a nearly 90% jump in sales from the $58.8 million it reported in 2015 during the same time period.
However, the company also reported a net loss of $65.3 million during that 2016 nine-month period, which was a 13.5% increase from the previous year.
Okta said in its filings that its services were built on top of Amazon’s (AMZN) cloud computing platform, Amazon Web Services.
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Companies like Okta have essentially built modern-day versions of identity management software that work with various cloud apps and services and not just the software in a company’s internal data centers. Its closest competitors areOneLogin and Ping Identity, which private equity firm Vista Equity Partners said it would acquire in June.