Okta has doubled down on the channel in 2020, simplifying its training and accreditation process to make it easier for solution providers to get both sales and technical certifications. The company has also rolled out a partner-delivered customer identity and access management service as well as an access gateway to easily connect on-premises legacy and custom-built applications to the Okta Identity Cloud.
The company expanded its portfolio will the rollout of Okta Devices SDK, which allows developers to enable passwordless authentication through branded push notifications with biometric capabilities, minimizing friction for end-users. Wall Street views Okta’s strategy very favorably, with the company’s stock price catapulting by 105.3 percent in 2020 to $252.35 per share on a valuation of $32.67 billion.
These partner and product investments have driven new customers to San Francisco-based Okta, with the company expecting to grow year-over-year revenue by 40 percent in fiscal 2020 to $822.5 million. And Okta has beefed up its staffing to support continued innovation, with headcount growing by 34 percent to 3,441 people driven by aggressive hiring around business development and engineering.