Today we announced Oktas successful acquisition of Auth0. Sign up for notifications from Insider! The funding followed a $103 million round in May 2019. iframe.height = parseInt( e.data.height ); What had become super clear is how distinct and complementary we were, even though weve been trying to build this developer stuff, McKinnon says. Youll hear firsthand how some of the most successful founders and VCs build their businesses, raise money and manage their portfolios. We trust both Okta and Auth0 to connect our people and technology, and are excited to see how they evolve and innovate together., Credence goes to those who can help us identify one another in a digital world, said Jay Bretzmann, Program Director for Cybersecurity Products, IDC. Okta ran into economic and operational headwinds last year. For more information, visit https://auth0.com. Identity is one of the most strategic investments an organization will make today. Were also both cloud-first, customer-first companies. 2023 Fortune Media IP Limited. Both hail from Argentina, and Auth0 has built its more than 850-person team through a distributed approach with workers scattered all over the world. iframe.contentWindow.postMessage( { At Kiva, were on a mission to expand financial access to help underserved communities around the world thrive. Auth0 is currently ranked No. We are just scratching the surface of what we do.. You may opt-out by, Covering venture capital, cloud and startups. Safeguarding billions of login transactions each month, Auth0 secures identities so innovators can innovate, and empowers global enterprises to deliver trusted, superior digital experiences to their customers around the world. return; ??? We trust both Okta and Auth0 to connect our people and technology, and are excited to see how they evolve and innovate together. "That's the vision. Select Security > Identity Providers. Well cover every aspect of company building: Fundraising, recruiting, sales, legal, PR, marketing and brand building. Okta and Auth0 provide the cloud-ready, developer-friendly tools to help in the fight. At Kiva, were on a mission to expand financial access to help underserved communities around the world thrive. Join top executives in San Francisco on July 11-12, to hear how leaders are integrating and optimizing AI investments for success. While Pace has overcome his earlier merger misgivings, McKinnon stresses that he will be working tirelessly to avoid the sorts of pitfalls that wreck so many Big Business buyouts. Once again unpersuaded, Auth0 declined to be bought. Auth0s focus has always been on enabling product builders to innovate, and now as one company with a shared vision and combined resources, that innovation will only increase.. At the time, we were really paranoid about competition, he confides. Powered and implemented by Interactive Data Managed Solutions. Asked what hed say to employees and supporters who may have hoped Auth0 would test the public markets as an independent company, Pace said the outcome was fantastic for all stakeholders. Morgan Stanley & Co. LLC served as financial advisor and Latham & Watkins LLP served as legal counsel to Okta. Auth0 was founded in 2013 and has raised over $330 million in funding according to PitchBook. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. So they have this mindset of building a service that is flexible and API-driven and great tools for developers and all the extensibility or customizability, that developers would need. Identity management firm Okta is acquiring startup Auth0 for $6.5 billion in stock, the companies announced Wednesday. He calls Auth0 the "Stripe of identity management" because it gives developers an easy, customizable tool to build the login sites for customers interacting with their business. Create your Watchlist to save your favorite quotes on Nasdaq.com. I have to confess that I also had a bit of a bias against mergers and acquisitions because in my previous life Ive seen them being failuresthey fall apart, Pace tells Fortune, citing a string of multibillion-dollar flopsfrom aQuantive to Nokiathat befell his longtime employer, Microsoft. and the company revamped its go-to-market strategy after its acquisition of Auth0 created confusion among sales reps. Auth0 and Okta are two of the most popular IAM tools. } Okta already saw that as a huge opportunity and this acquisition lets it attack it more aggressively. Auth0 Docs Implement Authentication in Minutes Okta, Inc, today (May 3, 2021) announced the successful completion of its acquisition of Auth0. Additional factors that could cause actual results to differ materially from these forward-looking statements are detailed from time to time in the reports Okta files with the Securities and Exchange Commission, including in Oktas Annual Report on Form 10-K for the fiscal year ended January 31, 2021. That step up in valuation from $1.9 billion to $6.5 billion in just eight months is impressive, but not everyone is thinking that Auth0 should have sold so soon. We, TechCrunch, are part of the Yahoo family of brands. WebOkta Completes Acquisition of Auth0. Problem integrating the Auth0 acquisition When Okta first completed its merger with Auth0 in May 2021, it looked like the perfect marriage. San Francisco, CA March 3, 2021 Okta, Inc. (NASDAQ:OKTA), the leading independent identity provider, today announced it has entered into a definitive Deleting previous post due to SPAM reasons. if (document.readyState === 'complete') { func.apply(); /* compat for infinite scroll */ } Click on the Routing rules tab. Okta gives you a neutral, powerful and extensible platform that puts identity at the heart of your stack. These trends have accelerated over the past year as companies of all sizes and across every industry had to quickly pivot to deliver engaging customer experiences online. He believes no-code platforms have nearly limitless potential, and sees Okta Workflows as a best-of-breed product that can set a VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. WebYou gain exposure to an entire swathe of industry standards and products. The company catered exclusively to software developers, and it pitched its services to coders who wanted to create sign-in options for their own applications. TechCrunch Okta CEO opens up about Auth0 acquisition, SaaS slump and Lapsus$ attack . Publicly-traded identity management company Okta is acquiring one of its leading challengers, Seattle area-based startup Auth0, in an all-stock deal valued at $6.5 SEE: Mobile device privacy policy (TechRepublic Premium) It was a match in the beginning that seemed like the perfect fit, but it took eight years to make it a reality. This blog contains forward-looking statements relating to expectations, plans, and prospects including statements relating to the anticipated benefits that will be derived from this transaction, the expected acceleration of Oktas growth as a result of this transaction, the impact to the Okta Identity Cloud, expected synergies resulting from the transaction and expansion of Oktas customer base. Pace must have been getting sick of me, McKinnon says. Shares of Okta had closed Wednesday at $241 per share, giving it a market capitalization of $31 billion. Salesforce Ventures led Auth0s $120 million Series F round in July. "Today, we leverage Auth0 to provide secure authentication to Kiva's partners and lenders, and Okta for workforce identity, giving our team access to the critical technologies they need to best serve the millions of global entrepreneurs in our network. FORTUNE may receive compensation for some links to products and services on this website. Prominent investors included Bessemer Venture Partners, Trinity Ventures, Meritech Capital, Sapphire Ventures and Salesforce Ventures. The company announced that morning that its acquisition of privately held peer Auth0 had closed, sewing up a deal that was originally valued at $6.5 billion. Forbes had first heard rumors that Auth0 was for sale several weeks ago, with two sources saying Okta had emerged as the favored buyer. Since then, Pace has played an instrumental role in growing Auth0 into a leading identity management company that is loved by developers and trusted by global enterprises. // Autosize iframe San Francisco, CA March 3, 2021 Okta, Inc. (NASDAQ:OKTA), the leading independent identity provider, today announced it has entered into a definitive agreement to acquire Auth0, a leading identity platform for application teams, in a stock transaction valued at approximately $6.5 billion. It was time to make a more serious approach. Oktas products were designed to appeal to top corporate execs. if ( 'tcprotectedembed.com' !== origin.host ) Acquisition will accelerate Oktas journey to provide identity for the internet, bringing choice and flexibility to both developers and the worlds largest organizations, The foundation for secure connections between people and technology. WebAuth0 makes identity work for everyone, whether you're enabling enterprise identity integration, SSO, and MFA for business partners (B2B), or protecting customer identities McKinnon kept in touch with Pace, who reassumed Auth0s top job that year. Discover our Briefings. View All . Auth0 provides a platform to authenticate, authorize, and secure access for applications, devices, and users. } Okta cofounders Frederic Kerrest and CEO Todd McKinnon, top right, signing the agreement to acquire Auth0 with its cofounders CEO Eugenio Pace, bottom left, and Matias Woloski. Security and application teams rely on Auth0's simplicity, extensibility, and expertise to make identity work for everyone. return; Pace will remain as CEO of Auth0 and report directly to Okta co-founder and CEO Todd McKinnon. ( function() { Okta already saw that as a huge opportunity and this acquisition lets it attack it more aggressively. Auth0 joins a business that reported $835 million in revenue for its most recent fiscal year and forecasts revenue of $1.08 billion to $1.09 billion for fiscal 2022. With so much at stake for businesses today, its critical that we deliver trusted customer-facing identity solutions. (He would not say how much of a stake in the business he was prepared to offer.). Okta. As McKinnon points out this is a substantial company with 800 employees. In 2013, Todd McKinnon, co-founder of Okta wanted to buy the five-month old company Auth0 to help thwart competition in the space. Find More Contacts for Auth0. May 10, 2021. Clients it clinched eventually ranged from AMD to Siemens to Pfizer. You have to build that culture. Theyre building the platforms and technology well need to take the next steps. var func = function() { Auth0 was founded in 2013 and raised more than $300 million along the way. Together, Okta Making the jump was a difficult decision at that moment, but something that I don't regret a single minute. Auth0 will continue operating as an independent business within Okta. Auth0 will operate as an independent business unit inside of Okta, and both platforms will be supported, invested in, and integrated over time becoming more compelling together. Auth0 will stay an independent operating unit inside of Okta with its CEO Eugenio Pace reporting to McKinnon. Pace and co-founder Matias Woloski came from Microsoft where they worked until launching their startup in 2013. One Auth0 investor who asked to remain anonymous had said they hoped the company would pursue a public offering instead, given its potential and the stock markets recent favorable valuations of public cloud computing stocks. One of those might be sharing the data each platform can generate about treats and potential hacks to better protect users, McKinnon said. Identity leaders combine developer and enterprise expertise, offering customers more flexibility. WebAuth0 has been Celebrating three years at Auth0! The deal is expected to close mid year after going through regulatory approval. Join our fireside chat with Navan, formerly TripActions, Join our chat with Navan, formerly TripActions. ???? We will continue to be dedicated to supporting our community and customers. Search. default: "Bringing this together, we give customers just a clear trusted vendor to trust all of their identity to, whether it's customer identity or workforce.". So workforce [has been] our [primary] business traditionally, and customer is newer, McKinnon told me. I certainly dont see this as an exit for Auth0, he added. case 'poll_size:response': Jenna Kozel He loves traveling and has visited more than 35 countries for business and pleasure. If you would like to customise your choices, click 'Manage privacy settings'. Okta announced its plan to operate as one combined company, with two CIAM product units across both Okta and Auth0, providing customers with more choice in how they want to deploy CIAM. Okta and Auth0 executives will discuss the details of this transaction during Oktas fourth quarter earnings video webcast today, March 3, 2021, at 2:00 p.m. Pacific Time. You can change your choices at any time by clicking on the 'Privacy dashboard' links on our sites and apps. } else if ( 'function' === typeof window.attachEvent ) { by Aaron Hurst 4 May 2021. As a product manager on Okta Workflows and a former developer, Nate is driven by the idea that building secure and scalable automations can be enjoyable and easy enough for non-developers. These symbols will be available throughout the site during your session. Both Oktas and Auth0s platforms will be supported, invested in, and integrated over time accelerating innovation and making the Okta Identity Cloud even more compelling for the full spectrum of customers and users. For us, identity has to rise up to be one of those primary clouds, and if it doesnt it will just be kind of subsumed into other clouds and Okta wont reach its potential, McKinnon said. Auth0 was built by developers for developers. McKinnon says while they share some common customers, there will be net new ones as well and the nature of the two companies coverage areas means that they can sell Auth0 into traditional Okta customers and vice versa. Other Auth0 investors include DTCP, Bessemer Venture Partners, Sapphire Ventures, Meritech Capital, World Innovation Lab, Trinity Ventures, Telstra Ventures, and K9 Ventures. By joining forces, we will accelerate our customers innovation and ability to meet the needs and demands of consumers, businesses and employees everywhere, Pace said in a statement. Terms & Conditions. Sign-up today forMidas Touch, your weekly guide to the world of venture capital and startup funding, featuring exclusive interviews, original reporting and analysis, and more. Eugenio Pace, Auth0s cofounder and chief executive, regarded McKinnons proposal as flattering and a validation of his own ambitions, he says. Type a symbol or company name. Hey there! With over 7,000 pre-built integrations to applications and infrastructure providers, Okta customers can easily and securely use the best technologies for their business. Over eight yea Show Inc. Application builders around the world are loyal to Auth0 for its extensibility, ease of use, scope of documentation, and developer-friendly experience. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Forbes, which broke the story today, noted that the deal was slow to close because Auth0 was weighing other options, including an IPO and other possible suitors. Whats more, McKinnon says he has a relationship with the two founders going back years and it sounds like there is an element of trust there. They're building the platforms and technology well need to take the next steps. Negotiations took six months and culminated in an early March agreement: Okta would buy Auth0 for about $6.5 billion in stocka sum amounting to nearly a sixth of Oktas $35 billion market valuation. The startup raised a $120 million round in July at a $1.9 billion valuation, making it a rare Seattle unicorn. He currently lives in Redmond, Washington with his wife, two sons, and their labrador retriever. funny market dynamics playing out in reaction to this news: public investors: Okta overpaid! In an interview, Okta CEO Todd McKinnon said the move was part of the companys push to be one of the five or six primary clouds that customers to which customers will turn as market leaders, citing Microsoft, Salesforce and Zoom as other contenders for such status. NOW WATCH: Customers expect CEOs to take action against climate change now more than ever, Unilever executive says. Bringing Auth0 and Okta together makes the joint entity a stronger competitor, McKinnon said: "Okta plus Auth0 is going to solve all my identity needs," he said. Let us know. Identity management firm Okta is acquiring startup Auth0 for $6.5 Over a meal of bone-in rib eye, McKinnon renewed his takeover pitchand this time, he delivered a hard-edged ultimatum: Join us, or prepare to compete head-to-head. A webcast replay will be accessible from Oktas investor relations website at https://investor.okta.com. Auth0, a developer-focused identify platform for application teams, is a venture-backed company backed by Salesforce and other big-name investors. As remote work becomes the norm and new devices connect to corporate networks every day, many businesses are looking for identity and access management solutions. By joining forces, well give our customers more choice and flexibility, driving tremendous value and enabling them to accelerate innovation. Denise Lu Group Product Marketing Manager. Okta, Inc. (NASDAQ:OKTA), the leading independent identity provider, today announced the successful completion of its acquisition of Auth0, a leading identity platform for application teams. Okta will acquire Auth0 for approximately $6.5 billion in Okta Class A common stock (subject to customary purchase price adjustments and certain customary cash payouts in lieu of stock) based on a fixed number of Okta shares and an Okta share price of $276.21. As Okta announced earnings today after the bell, it revealed that its buying cloud identity startup Auth0 for a hefty $6.5 billion. Morgan Stanley & Co. LLC is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Okta. ", Credence goes to those who can help us identify one another in a digital world, said Jay Bretzmann, Program Director for Cybersecurity Products, IDC. Tempo acquires LiquidPlanner, a project management startup founded in 2006, 3D-printed shoe startup steps into $3M to help reduce carbon footprints, localize manufacturing, Silicon Valley Bank was a climate tech booster making big promises, Subscribe to GeekWire's free newsletters to catch every headline. These forward-looking statements are based upon the current expectations and beliefs of Oktas management as of the date of this release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements including, without limitation, the risk of adverse and unpredictable macro-economic conditions, the failure to achieve expected synergies and efficiencies of operations between Okta and Auth0, the ability of Okta and Auth0 to successfully integrate their respective businesses, the failure to timely develop and achieve market acceptance of the combined business, the loss of any Auth0 customers, the ability to coordinate strategy and resources between Okta and Auth0, and the ability of Okta and Auth0 to retain and motivate key employees of Auth0. The Okta and Auth0 deal, which was first announced back in March, brings together two heavyweights from the identity and access management (IAM) sphere. https://t.co/R5TSHmelKa, Alex Konrad (@alexrkonrad) March 3, 2021. The transaction will provide Auth0 with a fixed number of Okta shares at a price of $276.21 each, the companies said. Auth0 has been a developer-focused firm from the beginning, McKinnon said, which is what Okta needs to successfully expand its customer identity product. Auth0 will help Okta expand its customer identity business, CEO Todd McKinnon told Insider. Auth0 took a different approach. The company aimed its sales efforts at chief information officers, typical keepers of corporate purse strings, who were facing down an increasingly fragmented digital landscape. Most Wall Street pros are looking for Okta's sales to rise by about 17% this year, thanks to a growing cybersecurity industry and contributions from the company's Want must read news straight to your inbox? Pace told GeekWire last year that demand for Auth0s services was massive as companies connect more and more with customers in the cloud. The live video webcast of the conference call will be accessible from the Okta investor relations website at investor.okta.com. Combining Auth0s developer-centric identity solution with the Okta Identity Cloud will drive tremendous value for both current and future customers, said Todd McKinnon, Chief Executive Officer and co-founder, Okta. Together, we can offer our customers workforce and customer identity solutions with exceptional speed, simplicity, security, reliability and scalability. This article was originally published to Simply Wall St News. Eugenio Pace President - Customer Identity - (he/him/his) Auth0 co-founders CEO Eugenio Pace, bottom left, and Matias Woloski, bottom right, sign acquisition agreement papers via video chat with Okta co-founders Qatalyst Partners served as financial advisor and Perkins Coie LLP served as legal counsel to Auth0. Additional details and information about the terms and conditions of the acquisition will be available in a current report on Form 8-K to be filed by Okta with the Securities and Exchange Commission. Publicly-traded identity management company Okta is acquiring one of its leading challengers, Seattle area-based startup Auth0, in an all-stock deal valued at $6.5 billion, the companies announced on Wednesday. All Rights Reserved. The initial proposition was a coy one. Application builders around the world are loyal to Auth0 for its extensibility, ease of use, scope of documentation, and developer-friendly experience. The company is aiming for this segment to contribute half of revenue, up from about 40% now, McKinnon said. Subscribe to GeekWire's free newsletters to catch every headline, Amazon releases surprise Alexa app for Microsoft Xbox, with voice controls and video features, Seattle researchers zero in on COVID virus mutation that could be driving spread of new variants, How this Seattle VC missed out on Auth0s seed round, but persisted and landed a big payoff, Working Geek: Eugenio Paces journey from failed startup to CEO of Auth0 with $110M in funding. Sometimes it feels like seven minutes and sometimes it feels like 70 years. The Okta Integration Network 6,500+ deep, pre-built integrations to securely connect everything Developers Docs Quickly implement auth into your apps Languages + Serious talks rekindled last summer amid the coronavirus pandemic. Add your Login.gov IdP for the IdP (s) field. Auth0, meanwhile, is expected to reach a revenue run-rate (a 12 month projection based on the most recent months pace) of more than $200 million by years end, McKinnon said. San Francisco-based Okta boasts a market capitalization of $31 billion, with 2,800 employees worldwide. In addition, Okta had $2.47 billion in cash and equivalents on its balance sheet as of July 31. McKinnona CrossFit fanaticisnt one to call it quits. "Auth0's focus has always been on enabling product builders to innovate, and now as one company with a shared vision and combined resources, that innovation will only increase.". On May 3, In addition to Salesforce Ventures, other investors included Sapphire Ventures, Bessemer Venture Partners and Meritech Capital Partners. return; WebAuth0 is a cloud identity management SAAS application for the web, mobile, IoT, and internal software. You have to build a product that does that," he said. These are big deals that, for whatever reason, look great on PowerPoint, but then the potential is not unlocked, he says. }, "https:\/\/tcprotectedembed.com" ); Type a symbol or company name. Today we announced Oktas successful acquisition of Auth0. The agreement, which was announced Wednesday evening, marks one of the largest cybersecurity acquisitions in recent years. The second time, I was more frustrated.. Select Any of the following applications: radio button and add your public application to the list. Announced Date Mar 3, 2021; Price $6.5B; Auth0 will operate as an independent business unit within Okta, led by Auth0 Chief Executive Officer and Co-Founder Eugenio Pace, reporting directly to Todd McKinnon, Chief Executive Officer and Co-Founder of Okta. In other words, while Okta sells from the top down, to chief information officers or technical leaders, Auth0 has built its business from the bottoms-up. Most Wall Street pros are looking for Okta's sales to rise by about 17% this year, thanks to a growing cybersecurity industry and contributions from the company's Okta is the Worlds Identity Company. Both Auth0 and Okta offer single sign-on (SSO) built into each platform. Were thrilled for the founders and have already seen the knock-on effects of the entrepreneurial culture they built as two of our most recent investments (Fusebit and Zerowall) were both founded by Auth0 alums.. It is expected to reach $200 million in revenue this year. Track all of GeekWires in-depth startup coverage: Sign up for the weekly startup email newsletter; check out the GeekWire funding tracker and venture capital directory; and follow our startup news headlines. All rights reserved. Stay up to date with what you want to know. At Auth0, cofounder and CEO Eugenio Pace said the two businesses agree on a vision for that identity cloud of the future, or what Pace calls an identity operating system. In a common refrain for high-growth tech startups that join larger rivals, Pace noted that Okta was at least several years ahead of Auth0 in scale; joining forces, he insisted, would move forward Auth0s roadmap by five to ten years. WebHis drive to solve the problem of identity management for fellow developers inspired him to start a company of his own, Auth0, in 2013. https://www.businesswire.com/news/home/20210503005412/en/, Do Not Sell My Personal Information (CA Residents Only). The Okta Identity Cloud enables organizations to securely connect the right people to the right technologies at the right time. press@okta.com, Investor Contact: $120 million round led by Salesforce Ventures last July. I kept hounding them, Weve gotta do this.. However, as is customary with an acquisition or IPO, Auth0 will now be moved off the list. No matter what industry, use case, or level of support you need, weve got you covered. Qatalyst Partners is serving as financial advisor and Perkins Coie LLP is serving as legal counsel to Auth0. And you cant do that later, you have to start from the beginning.. Total funding to date for the 8-year-old company is more than $330 million. In light of the Auth0 acquisition, Okta is streamlining our developer product offering by retiring Okta's Developer Advanced plan, and providing Auth0 plans for developers seeking a fully self-service experience. Simple, elegant, and customer-centric.". Both Oktas and Auth0s platforms will be supported, invested in, and integrated over time accelerating innovation and making the Okta Identity Cloud even more compelling for the full spectrum of customers and users. Need, Weve got you covered $ attack best technologies for their business visited than! To connect our people and technology, and developer-friendly experience to date with you! 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A substantial company with 800 employees Aaron Hurst 4 May 2021 hear how leaders are integrating optimizing... A $ 1.9 billion valuation, making it a market capitalization of 276.21... Billion, with 2,800 employees worldwide that we deliver trusted customer-facing identity solutions 'poll_size... Matias Woloski came from Microsoft where they worked until launching their startup 2013! 31 billion, with 2,800 employees worldwide symbols will be accessible from oktas investor relations website at investor.okta.com webcast. They evolve and innovate together, 2021 July at a price of 31. It looked like the perfect marriage led Auth0s $ 120 million round led by Salesforce and other big-name investors,! Points out this is a cloud identity management firm Okta is acquiring startup Auth0 for a hefty 6.5... Auth0 was founded in 2013 and has raised over $ 330 million in funding according to PitchBook Salesforce... Cybersecurity acquisitions in recent years services on this website Okta customers can easily securely. To McKinnon customise your choices at any time by clicking on the 'Privacy dashboard ' links on our and! Today after the bell, it looked like the perfect marriage 40 % now, McKinnon told me Quotes Nasdaq.com. San Francisco on July 11-12, to hear how leaders are integrating and optimizing AI investments for success in... Chat with Navan, formerly TripActions, join our fireside chat with Navan, formerly TripActions Auth0 with a number! Auth0 for a hefty $ 6.5 billion, were on a mission to expand access! Included Sapphire Ventures and Salesforce Ventures led Auth0s $ 120 million round in at... This news: public investors: Okta overpaid recent years to know we will continue to dedicated... Reliability and scalability and VCs build their businesses, raise money and manage their portfolios investor relations website investor.okta.com. Of revenue, up from about 40 % now, McKinnon told Insider its buying cloud management! Accelerate innovation offer our customers workforce and customer is newer, McKinnon told me be the. Company backed by Salesforce and other big-name investors, sales, legal, PR, marketing and brand building to! The best technologies for their business easily and securely use the best technologies for their business what we..! A venture-backed company backed by Salesforce and other big-name investors help Okta its! Continue to be dedicated to supporting our community and customers, marketing and building...

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