ForgeRock Raises $93.5 Million Ahead of IPO
San Francisco-based identity and access management (IAM) solutions provider ForgeRock has raised $93.5 million in a Series E funding round, which brings the total raised by the company to more than $230 million.
The latest funding round was led by Riverwood Capital, with participation from Accel, Meritech Capital, Foundation Capital and KKR Growth. ForgeRock says it will invest the money in R&D, cloud, sales and marketing.
ForgeRock told SecurityWeek that it expects this to be the last round of funding before the company goes public.
The company first announced plans for an initial public offering (IPO) in 2017, when it estimated that it would go public in early 2019. Now ForgeRock again says it’s preparing for an IPO, citing growing market opportunity, its advanced technology, and a strong customer base.
It also pointed out that the main investor in this round, Riverwood Capital, has a strong track record when it comes to helping companies prepare for an IPO.
“To be competitive today, companies need to deepen their relationships with their customers and improve the productivity and connectivity of their workforce. ForgeRock is the only AI-driven platform that empowers organizations to create amazing digital experiences for both workforce and consumer segments as well as things,” said ForgeRock CEO Fran Rosch.
“Increasingly, our platform is becoming mission critical to the largest organizations in the world, and we take our responsibility seriously to deliver on their expectations. This has become even more pronounced as remote work and E-commerce has surged in the wake of the COVID-19 pandemic,” Rosch added.
ForgeRock offers identity and access management solutions for consumers, employees and devices. The company says its identity platform is currently used by over 1,100 organizations, and it claims to have an annual recurring revenue of over $100 million, with an annual growth of 75%.