I have a question to those who know this space better.

These two companies are competitors, right?
Do they not go after same clients with similar value proposition?

OKTA is growing at 58% (latest q $106M compared to $67M year ago) but then SAIL is also growing at 50% (latest q $66M compared to $44M year ago… and its actually growing slightly faster than previous year).

Both delivering significant free cash flow.

OKTA has Price to sales ratio at 23.4 today vs SAIL P/S is at 10.7

Why is this huge gap.

I understand number 1 vs 2… but SAIL is ~2/3 of OKTA size…

Is there something significant OKTA has or SAIL is missing??

Or is this a great buying opportunity in SAIL?


Oh, I found a page on Sailpoint site talking about partnership with OKTA.
Seems like they are more complimentary than competitive.


Identity governance vs identity management - seems like SAIL is more asset (content) oriented and OKTA is more user oriented… if this understanding is correct, they would be very complimentary… though one may extend into others’ territory… or at-least there will be a fear of that happening…
It seems more in line with how Tableu and AYX are complimentary…

So may be my question becomes, why SAIL is not as attractive as OKTA as an investment and why is it sporting < half the P/S of OKTA. As Tinker say, why is this cheap?

I will dig more and report what I find… and appreciate if anyone else share any insight as well.


My $.02 at a high and very simplified level: “Person” management is easier to actually deploy and manage, and more universal. You deploy at the user level and then they can access whatever apps are OKTA-enabled, so to speak, automagically (of which there are something like 5,500 already ‘enabled’ to work with OKTA, by the way, and it’s reasonably easy to make others be so as well). If you deploy security at the application layer, then you have to tell each application how it needs to behave for each group of users, or each user individually. That can certainly work, but it then has to be managed at each application individually (and possibly with code changes each time).

This is not mutually exclusive – most security schemes have elements of both. Which is exactly why SailPoint and OKTA have a partnership, since they specialize in different parts of that equation.

But to me, the person management is the more cost-effective approach, and why it sports a higher P/S.