San Francisco-based Okta (NASDAQ: OKTA), an identity and access management company, is acquiring cybersecurity firm Spera, Okta announced in a blog post.
According to the tech blog CTech, the deal is worth around $100 million to $130 million."
"This acquisition continues our investment in secure Identity product offerings and furthers our vision to free everyone to safely use any technology," Okta said in the blog post. "We anticipate the acquisition to close during our fiscal first quarter beginning February 1, 2024."
Spera is based in Tel Aviv, Israel, and Palo Alto and developed tools for organizations to assess identity vulnerabilities across their software platforms. The company was founded by entrepreneurs Dor Fledel and Ariel Kadyshevitch and raised $10 million prior to the acquisition form YL Ventures and various angel investors.
Okta says it will incorporate Spera's technology within its own product offerings, especially when it comes to "identity threat detection and response," where Spera's software will be used for compliance, reporting and threat prevention.
Ironically, Okta suffered a security breach of its own in October. Hackers managed to access documents and personal information for many of its customers, and its stock took a major dive. Since October however, its share price has regained its pre-hack value and rose 2.76% Tuesday upon news of the acquisition.
