Okta, Inc. acquired Townsend Street Labs, Inc. for $89 million.
August 01, 2021
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Okta, Inc. (NasdaqGS:OKTA) acquired Townsend Street Labs, Inc. for $89 million on August 2, 2021. Okta provided total consideration, subject to final adjustments, of $89 million consisting of cash and Okta's Class A common stock. The acquisition date cash consideration for Townsend Street was approximately $79.3 million of which $13.4 million of consideration was held back as partial security for any adjustments and indemnification obligations and will be paid within 18 months of the closing date. An agreed upon amount of consideration was held back by Okta to secure the indemnification obligations of the selling stockholders. The team of Townsend Street Labs will continue to be led by Jay Srinivasan and Pratyus Patnaik who will be taking leadership positions in Okta's product and engineering teams. This transaction is expected to have no impact on Okta’s guidance issued on May 26, 2021.
Okta, Inc. (NasdaqGS:OKTA) completed the acquisition of Townsend Street Labs, Inc. on August 2, 2021.
Okta, Inc. is an independent identity provider company. The Company's Okta Identity Platform is an independent and neutral cloud-based identity solution that allows its customers to integrate with nearly any application, service or cloud that they choose through its secure platform and cloud infrastructure. Its Workforce Identity Cloud is used as the central system for an organizationâs connectivity, access, authentication and identity lifecycle management needs spanning all of its users, technology and applications. Its Workforce Identity products include Universal Directory, Single Sign-On, Adaptive Multi-Factor Authentication, Lifecycle Management, API Access Management, Access Gateway, Advanced Server Access and Okta Identity Governance. The Companyâs Customer Identity products include Universal Login, Attack Protection, Adaptive Multi-Factor Authentication, Passwordless, Machine to Machine, Private Cloud, Organizations, Actions and Extensibility, and Enterprise Connections.
OKTA, INC. 
