Okta acquires workflow automation company Azuqua

Okta acquires workflow automation company Azuqua

Okta, which deals with identity management for the cloud, announced today that it is taking over the startup Azuqua. That’s a workflow automation company that focuses on low code environments. The acquisition involves an amount of 52.5 million dollars (46.8 million euros).

The announcement follows shortly after Okta announced its fourth quarter figures. These were better than expected by connoisseurs, but the expectations for the coming quarter and the entire financial year were disappointing. As a result, the value of the shares fell sharply immediately after the announcement. Nevertheless, the company is calling for peace of mind and expects to be able to take over more customers with the acquisition of Azuqua.

Integrate identity

Okta will incorporate Azuqua’s technology into its Lifecycle Management products. Azuqua’s products will help integrate data from different sources into the backend of different customers. Okta states that this helps to synchronize the accounts of employees in different workplace apps. This applies in particular to applications that companies use for human resources and the payment of salaries.

Identity is the unifying component that can make all these technologies work together seamlessly and safely, says co-founder and COO Frederic Kerrest of Okta. According to Kerrest, this is of great importance for shaping the security systems of the future. This component will therefore be complemented by Azuqua’s technology.

Disappointing predictions

Okta’s doing well right now. The company saw the number of customers grow by 53 percent last year and had a turnover of 108.5 million dollars (96.8 million euros) in the past quarter. The company ended the same quarter with more than 6,100 customers in total. However, Okta expects to achieve less good results for 2019 than Wall Street connoisseurs.

The company expects a loss of 48 to 53 dollar cents (42 to 47 euro cents) per share. This is considerably more than what Wall Street expects; it is assumed to be 22 cents (19 euro cents) per share. This discrepancy therefore led to an initial decline in the value of shares.

This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.