Okta raises $27M in VC funding; will use for global expansion plan

Okta raises $27M in VC funding; will use for global expansion plan

Summary: This latest round follows up the Series C round completed last December, which brought in roughly $25 million for San Francisco company.

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Okta, an identity management service for enterprises, has closed another round of venture capital fundraising, bringing in $27 million.

The Series D round included participation from some of Silicon Valley's most well-known VC firms: Andreessen Horowitz, Greylock Partners and Khosla Ventures. The round was led by Sequoia Capital.

This latest round follows up the Series C round completed last December, which brought in roughly $25 million for San Francisco company.

That pool of funding was said to have been directed to advance and "redefine identity management" for Okta's enterprise customers.

More specifically, Okta introduced its "Enterprise Identity Network," a scheme designed for solving larger identity challenges facing CIOs, stemming from pressures presented by mobile and cloud trends that are moving business beyond the firewall.

Okta has rolled out a few other new products along these lines since then.

Most recently, Okta announced integration of its cloud-based identity management service with Microsoft SharePoint Server 2010 and 2013. The goal is to enable  IT admins to manage external partner and customer access to SharePoint by using Okta's identity service in a way that mimics using Active Directory with employees.

This time around, Okta said that it planning to use the latest cash grab to fuel its international growth strategy, a plan that will be executed by the company's first European general manager.

The private business already has a customer base of more than 500 enterprises and counting, including LinkedIn, Coca Cola, Western Union and SAP.

Topics: Enterprise 2.0, Enterprise Software, Privacy, Security, Start-Ups

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