(Reuters) – Identity management firm Okta Inc said on Wednesday it has agreed to buy identity platform Auth0 in an all-stock deal valued at about $6.5 billion.
The deal will accelerate Okta’s growth in the $55 billion identity market, the company said.
Okta’s cloud-based offerings help verify and secure the identities of an organization’s workforce or customers before they can access certain applications or websites.
Auth0 also helps manage identities of employees and customers across a broad range of applications.
The deal is expected to close during the quarter ending July 31, 2021.
Okta’s shares were down 13% in extended trading.
Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta