Yes. WSO2 Identity Server supports multi-tenancy out of the box.
Tenant admin details are by default saved to an internal H2 database which is configurable to point to an external database also, which can then be scaled.
The tenants can have there own multiple directories set up and these configurations can be dynamically configured via Management Console.
This post may help you, http://pushpalankajaya.blogspot.com/2013/09/implemention-of-support-for-mutiple.html