Okta acquires Azuqua

Okta acquired Azuqua for $52.5 million announced ($44.2 million cash at close, net of $1.1 million cash acquired), a transaction completed in March 2019, structured as all cash.

Azuqua operates in Workforce Identity / Lifecycle Management, is based in Bellevue / Seattle, Washington. Azuqua was a no-code, cloud-based integration platform that automates workflows between applications and services. Founded in 2013 by ex-Microsoft engineers including Nikhil Hasija, the company had raised roughly $16 million at a $72M post-money valuation. Okta paid $44.2M cash at close and recorded $15.7M of developed-technology intangibles (5-year useful life) plus $29.9M of goodwill.

With Okta and Azuqua, IT teams will be able to use pre-built connectors and logic to create streamlined identity processes and increase operational speed.

Azuqua filled a gap in Okta's Lifecycle Management product — provisioning was rules-based; Azuqua brought visual, no-code workflow logic that customers could extend without engineering effort. Azuqua technology rebranded as Okta Workflows, embedded directly into the Lifecycle Management product line. Azuqua engineering folded into Okta's Lifecycle Management product team; product renamed Okta Workflows Todd McKinnon, Q1 FY20 earnings call (May 30, 2019): 'There's a lot of things that happen with our existing LCM product and it's pretty deep ... but Azuqua is going to allow us — which is now Okta Workflows — to do more and more there. And Workflows is going to not only strengthen that offering, but also allow us and our customers to essentially manage more and more workflow.'

Advisory firms were not disclosed for this transaction.