$1.2 billion security startup Okta files for its long-awaited IPO.
Okta, a security startup valued at $1.2 billion, has filed registration papers for its long-awaited IPO.
You can read Okta's S-1 filing here.
Rumors of this IPO have swirled since mid-2016, when the company denied reports that it was looking for an buyer — with the implication that it was preparing for an IPO.
The filing reveals that Okta hasn't been profitable since it was founded in 2009, with widening losses:
"We have incurred significant net losses in each year since our inception, including net losses of $59.1 million and $76.3 million in fiscal 2015 and 2016, respectively, and $54.9 million and $65.3 million for the nine months ended October 31, 2015 and 2016, respectively," says the filing.
In its eight-year lifetime, Okta has raised $228 million from a who's who of Silicon Valley venture capital firms, including Andreessen Horowitz, Khosla Ventures, Greylock Partners, and Sequoia Capital.
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