Through fast timing and big bets, Todd McKinnon grew his cloud security company, Okta, into a $27 billion business. Now the largest opportunity of his career has landed in his lap: a worldwide pandemic.
Todd McKinnon sits in front of his green screen, with a boyish face but weary eyes, talking about his guilt. Over 10% of the country is unemployed, 178,000 Americans are dead from the pandemic, and California is on literal fire, yet McKinnon’s cloud security company, Okta, is on a tear, and he is now officially a billionaire. “The world has all these problems, but I sit in front of my computer all day,” says McKinnon, 48. “I feel guilty about that.”
Talk about guilt: Okta is not just succeeding amid the pandemic. Its success is fueled by the pandemic. The company’s services—which help organizations verify the identities of employees and users by sending a custom code to their cell phones, among other security measures—have instantly become critical for companies, universities and governments that need to work remotely. Okta has signed up 1,000 new customers since March, bringing its total count to 8,950, and many existing clients have expanded their usage.
In May FedEx converted over 85,000 employees to Okta in 36 hours. Western Union is using the platform to verify transactions in the absence of face-to-face contact, MGM is using it for contactless check-ins, plus there are new partnerships with the Australian Red Cross, LVMH, Equifax, and dozens more. “It’s like a tsunami that’s coming,” says McKinnon.
Okta generated $200 million in revenue last quarter, up 43% from the year prior. Its stock is up ..
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