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Okta expects annual revenue to increase by 30% with the addition of new products.

Octa Significant growth is expected as we expand our service offerings.

Cybersecurity companies said Wednesday that they are forecasting a 30% increase in fiscal year revenue with the announcement of two new products, “Privileged Access Management” and “Identity Governance and Management.”

While privileged access aims to protect data from hacking within your organization, identity governance and management is designed to streamline the way your organization determines what information users can access on the server. ..

The addition of these new tools will also increase Okta’s business opportunities by more than 20%, CEO Todd McKinnon told CNBC’s Jim Cramer.

“We have a huge addressable market,” McKinnon said.Flirt“Interview.” This huge $ 80 billion TAM (total addressable market) is because everything is moving to the cloud, businesses need to connect with customers through digital channels, and everyone is worried about security. Is the foundation for long-term sustainable growth. Limits. “

Okta provides security tools for authenticating users, such as password authentication to access online networks.

In privileged access management and identity governance and management, Cramer said the company will enter a market dominated by Cyber ​​Ark and SailPoint Technologies. Okta is affiliated with both companies.

McKinnon suggested that market opportunities for identity governance and privileged access services total $ 15 billion.

“Many vendors have plenty of room to chase it. We’re chasing it from a very cloud-centric approach,” he said. “We continue to work with these partners while doing what our customers want us to do. It covers all identity use cases.”

Okta forecasts total revenues of $ 1.09 billion for the current fiscal year. The company reported revenue of $ 835.4 million in the previous fiscal year ending January 31st.

Growth has steadily slowed in recent years. Okta recorded revenue growth of 42.5% in 2021 from 53.6% in 2019.

Okta expects annual revenue to increase by 30% with the addition of new products.

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