Okta is doing fine, in case you are wondering
In October, Okta announced that its systems had been breached and the login credentials of multiple customers accessed by unauthorized parties. The response from the security community was swift and they did not mince their words.
As a company entrusted to protect the identity of individuals and businesses, Okta had failed and could no longer be trusted. It did not help that it was the second such attack in less than two years.
Following the announcement, the company’s stock fell by 11% and it seemed they were headed towards a turbulent end of the year.
However, as the year comes to an end, Okta seems to be doing as well as ever. The company just completed its acquisition of security firm Spera in a deal that is estimated to be worth between $100 million and $130 million.
The deal, which marks the firm’s third acquisition in the space of just over six months, is a strategic move to bolster its ITDR (Identity Threat Detection and Response) capabilities.
With the acquisition, Okta will also now be able to leverage Spera’s posture management platform to lower its license costs by finding and removing dormant accounts.
The deal is expected to close during Okta’s fiscal first quarter, beginning February 1, 2024.
The new acquisition is an indicator that Okta has already moved past the security incident and is already focusing on its continued growth in 2024.
According to a recent SEC filing, Todd Mckinnon, CEO of Okta Inc. offloaded 7,449 shares of the company but that should not be misconstrued to mean a lack of faith in the company’s future.
A stock owner can sell their stock for a lot of reasons, among them being to diversify their portfolio or even to get a financial boost.
Elon Musk sold $23 billion worth of Tesla stock to help fund the purchase of Twitter. I know, not the best example to use considering the current woes at the company.