According to a Markets and Markets report, the identity and access management market is expected to grow at a CAGR of 12.9% from $8.09 Billion in 2016 to $14.82 Billion by 2021, driven by the demand for mobility and security solutions. The SME segment is estimated to be the fastest growing segment due to industrial growth in the Asia-Pacific, and the Middle East and Africa regions. Identity and access Management services provider Okta (Nasdaq: OKTA ) listed successfully last year and continues to do well.

Okta's Financials

Okta's identity management solution gets rid of duplicative credentials and disparate authentication policies to help organizations simplify and scale their IT infrastructures more efficiently. Its Identity Cloud offering allows customers to securely connect people to technology, anywhere, anytime and from any device. Okta Identity Cloud is integrated with over 5,000 apps, that enables simple and secure access from any device. Its customer list includes names like Experian, 20th Century Fox, LinkedIn, Flex, News Corp, Dish Networks, and Adobe.

Its third-quarter revenue grew 61% y-o-y to $68.2 million. Subscription revenue was $62.7 million, an increase of 64% y-o-y.

GAAP net loss was $33.8 million, compared to $21.9 million a year ago. Non-GAAP net loss was $18.6 million, compared to $17 million a year ago. Non-GAAP net loss per share was $0.19, compared to $0.89 a year ago. Analysts expected loss of $0.24 on revenue of $62.8 million

Cash, cash equivalents, and short-term investments were $223.6 million as of October 31, 2017.

During the quarter, Okta grew its paying customer base to over 3,950 organizations, including Caesars Entertainment, CBRE, City of Las Vegas, Eventbrite, Flight Centre, Groupon, Nordstrom, Restoration Hardware, and State of Arizona. Earlier this year, some customers including Benefit Cosmetics, Rent-A-Center, Rodan + Fields, Saks Fifth Avenue, and Wyndham Worldwide extended their investments in Okta.