(Reuters) - San Francisco-based Okta Inc., a widely used access management company that competes with the likes of PingID and Duo to provide online authentication services, said it was facing a digital breach on Tuesday. was investigating.
The scope of the breach is unknown, but a hack at Okta could have major consequences as thousands of other companies rely on the firm to manage access to their own networks and applications. Okta said the breach may be linked to an earlier incident in January.
Here are some facts about the company:
According to its website, Okta has been in business since 2009 and describes itself as an "identity provider for the Internet." The company says that it has more than 15,000 customers on its platform.
Okta sells identity services such as single sign-on and multi-factor authentication used to log into online applications and websites.
Hundreds of large companies such as FedEx Corp., T-Mobile US Inc., Moody's Corp. and Coinbase Global Inc. use Okta's services.
Global cloud services provider Cloudflare Inc. also uses Okta. Cloudflare CEO Matthew Prince said in a tweet that the company had "carefully (a) out of abundance" reset the credentials of some employees, but "confirmed no compromise."
In a 2019 interview with CNBC, Okta CEO Todd McKinnon stated that the company had over 100 million registered users.
Okta competes with PingID, Duo, SecureAuth, Microsoft Corp and IBM. While best known for offering employee identification systems, Okta is expanding its customer identification business, which now accounts for a quarter of revenue.
Earlier this month, Okta said it had agreed to buy its smaller rival Autho in an all-stock deal worth $6.5 billion, one of the largest software deals so far this year.
Okta reported quarterly revenue of $234.7 million in March, an increase of 40%. The company's stock price has jumped during the pandemic, taking the company's market cap to more than $30 billion.