Security Experts:

Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybersecurity Funding

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.

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%.

Related: IAM Provider OneLogin Raises $100 Million

Related: Identity Verification Provider Onfido Raises $100 Million

Related: Identity Management Firm Keyfactor Raises $77 Million

Related: Identity Management Firm Auth0 Raises $103 Million

Written By

Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

Click to comment

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Management & Strategy

Industry professionals comment on the recent disruption of the Hive ransomware operation and its hacking by law enforcement.

Identity & Access

Hackers rarely hack in anymore. They log in using stolen, weak, default, or otherwise compromised credentials. That’s why it’s so critical to break the...

Management & Strategy

Tens of cybersecurity companies have announced cutting staff over the past year, in some cases significant portions of their global workforce.

Management & Strategy

SecurityWeek examines how a layoff-induced influx of experienced professionals into the job seeker market is affecting or might affect, the skills gap and recruitment...

Funding/M&A

Tenable has launched a $25 million venture fund to place bets on early-stage startups in the exposure management space.

Cybersecurity Funding

Forward Networks, a company that provides network security and reliability solutions, has raised $50 million from several investors.

Funding/M&A

Twenty-one cybersecurity-related M&A deals were announced in December 2022.