on Thursday and its CEO Todd McKinnon told Business Insider that he thinks Okta has just scratched the surface of its long term potential.
The company saw success in its enterprise business this past quarter, which is an area it will continue to focus on McKinnon said. Okta now has 1,325 customers who pay over $100,000 annually for its product, which is 41 percent more than it had last year. Two important metrics for growth showed strong results for the quarter as well. Subscription revenue rose 48% to $144.5 million, beating estimates of $135.3 million and billings grew 42% to $175.6 million, beating estimates of $165.8 million.
But that growth is attainable, he said, and current industry trends are in Okta's favor. One of the things that will help, is Okta's strength in its enterprise business. Okta now has 1,325 customers who pay over $100,000 annually for its product, which is 41 percent more than it had last year. Analysts at William Blair think Okta has been able to get these new large customers by making its products very flexible and, which these companies may have been searching for.
That trend of cloud adoption also feeds into Okta's future prospects, he said. He thinks companies are increasingly abandoning the model of using one large technology vendor to serve all their IT needs, and are now looking for the best vendor for each service. "Okta is benefiting from the rise of SaaS usage which is likely still in the early innings. As organizations continue to decentralize their compute needs, Okta's ability to securely create connections between users and applications becomes more applicable," writes Jonathan B. Reykjav, an analyst at Baird Equity Research in a note published Friday.
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