ForgeRock announces results of massive Series D funding round
Digital identity management solutions provider ForgeRock has raised $88 million in Series D funding, which will be used to fuel the company's worldwide expansion and product innovation.
The funding round was led by Accel, with supporting investment from KKR, Meritech Capital Partners and Foundation Capital. The company has now raised more than $140 million since it was founded.
Almost half of the company's sales come from the Asia Pacific and EMEA markets, while the other half comes from the US.
“ForgeRock is transforming the digital identity landscape by helping large organizations secure the identity of everything, build trusted, personalized relationships with their customers, and provide a seamless omnichannel experience – ultimately driving greater value and revenue,” comments ForgeRock CEO Mike Ellis.
He believes the newest investment round validates the company's position in the market and its ambition to shape identity, privacy and access management. Last year the company brought in more than $100 million in sales.
“The next 12 months will be exciting, as global regulatory frameworks for data and privacy are evolving rapidly, at the same time the IoT is reaching critical mass. ForgeRock empowers businesses to respond to and comply with these regulations and enable great digital customer experiences,” Ellis says.
Earlier this year the company's global headcount passed 400 and it plans to have more than 500 employees by the end of the year.
The company also operates the ForgeRock Trust Network, a global partner program that includes managed service providers and integrators worldwide. Asia Pacific partners include integrator Azimuth Labs, Cogito Group from Australia/New Zealand, Cyberinc, Deloitte Australia, Datacom Systems, Tech Mahindra and Ufinity.
According to Arun Mathew, partner for lead investor Accel, digital identity will be a hot topic as the world becomes digitized and automated.
“The next 12 months will be exciting, as global regulatory frameworks for data and privacy are evolving rapidly, at the same time the IoT is reaching critical mass. ForgeRock empowers businesses to respond to and comply with these regulations and enable great digital customer experiences,” Mathew says.
Investor KKR has pumped more than $19 billion of equity into firms since 1983. It has funded firms such as Darktrace, Lyft and Invalua.
Dave Welsh, Head of TMT Growth Equity at KKR, said: “Mike Ellis and the ForgeRock team have done an outstanding job in delivering a premier innovative digital identity platform to a world-class roster of brand name customers, while growing the company with a strong culture dedicated to excellence,” comments Dave Welsh, KKR head of TMT Growth.
“We are delighted to partner with the ForgeRock team in addressing an enormous, expanding global market in need of digital identity solutions, and to support them in their next stage of growth,” Welsh concludes.