Okta sees great growth going forward as it expands its service offerings.
The cybersecurity firm said Wednesday it expects revenue for the fiscal year to grow by 30% as it unveiled two new products, one in “privileged access management” and another in “identity management and administration.”
Privileged access seeks to protect data from hacking in an organization, while identity management and administration were designed to streamline how an organization decides what information users have access to on its servers.
The addition of these new tools also increases Octa̵
“We have a massively addressable market,” McKinnon said in a “Mad Money” interview. “As everything moves to the cloud, as companies need to connect to their customers via digital channels, as everyone is concerned about security, this massive $ 80 billion TAM (total addressable market) is the basis for sustained growth for a long time. . “
Okta provides security tools to authenticate users, such as password authorizations, access to online networks.
In privileged access control and identity management and administration, Cramer noted that the company will enter markets dominated by CyberArk and SailPoint Technologies. Okta also collaborates with both companies.
McKinnon suggested that identity management and market opportunities with privileged access services add up to $ 15 billion.
“There is enough space for many vendors to follow it. We are following it from a very cloud-centered approach,” he said. “We will continue to work with these partners while doing what our customers ask us to do. It covers all of their identity use cases.”
Octa expects total revenue to reach as high as $ 1.09 billion in the current fiscal year. The company reported $ 835.4 million in revenue in the previous fiscal year ending January 31st.
Growth has continued to slow in recent years. Okta had revenue growth of 42.5% in the financial year 2021, down from 53.6% in the financial year 2019.