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Okta began trading on the Nasdaq this morning, after raising $187 million in its IPO. The San Francisco-based company priced at the top of its offering range, giving it a fully-diluted market value of nearly $2.4 billion. Shares were already up more than 30% at mid-day.

What it does: Okta is focused on identity management for companies, with cloud-based software that lets employees securely connect with applications and devices. The business model is traditional SaaS ― get subscribers and then try to reap those recurring revenues by limiting churn.

Why now? Co-founder and CEO Todd McKinnon tells Axios that the company has "been ready for a while to go public, in terms of growth and scale, but we waited a bit longer because last year people were looking at companies with high growth but high cash burn differently than they are today."

Finances: Okta's revenue has nearly doubled over each of the past two years, most recently from $86 million in 2015 to $160 million in 2016. Net losses have also grown, albeit at a lower rate (most recently $76.3 million to $86.5 million).

Investment history: Okta had raised around $230 million in VC funding from firms like Sequoia Capital (21.2% pre-IPO stake), Andreessen Horowitz (19.6%), Greylock (16.9%), Khosla Ventures (8.1%) and Floodgate. Its most recent private valuation was around $1.2 billion. McKinnon says the company was fortunate to not have complicated structure on any of its venture rounds. "It gave us some flexibility on pricing that other companies don't have."

Go deeper

Updated 1 hour ago - World

17 U.S. and Canadian missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince this month. Photo: Richard Pierrin/AFP via Getty Images

American officials and authorities in Haiti are working to try and free 17 hostages from a U.S.-based missionary group who were kidnapped in Port-au-Prince over the weekend, AP reported Monday.

The latest: Christian Aid Ministries said in a statement Sunday, "The group of 16 U.S citizens and one Canadian citizen includes five men, seven women, and five children." The Ohio-based organization said they were on a trip to visit an orphanage when they were kidnapped Saturday.

China's economic growth slows

A worker assembles heavy truck engines in Hangzhou in eastern China's Zhejiang Province, on Monday. Photo: Long We/Costfoto/Barcroft Media via Getty Images

China's economy grew 4.9% in the third quarter of 2021 compared with a year earlier, the country's National Bureau of Statistics announced Monday.

Why it matters: The gross domestic product growth in the July-September period in the world’s second-largest economy marked the "weakest pace since the third quarter of 2020 and slowing from 7.9% in the second quarter," Reuters notes.

5 hours ago - World

Former spy Steele defends controversial Trump Russia dossier

Former U.K. intelligence officer Christopher Steele arrives at the High Court in London in July 2020. Photo: Tolga Akmen/AFP via Getty Images

The author of the "Steele Dossier," containing unverified claims about former President Trump told ABC News he stands by his controversial report, according to excerpts from an upcoming documentary released Sunday.

Why it matters: The FBI drew on former U.K. intelligence officer Christopher Steele's dossier as part of its investigation into the Trump campaign's alleged links to Russia's government, which led to former special counsel Robert Mueller's probe.