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The cloud space is still early in terms of adoption, according to Todd McKinnon, CEO of the newly public cloud company Okta, with a $3.1 billion market cap.
Tech IPO investors have shown a liking for enterprise software upstarts this year. They've been less fond of consumer Internet companies up against big-name rivals.
The software giant has followed up on its layoffs by making changes to how key products and services are sold.
Identity software maker Okta shares surged following its debut on the Nasdaq Friday and the company has big plans to compete with Microsoft in the cloud space.