Digital identity company ForgeRock raises $93.5 million to develop enterprise cloud solution

ForgeRock, a Norway-born digital identity company now headquartered in San Francisco, has raised $93.5 million in a Series E round led by Riverwood Capital. Existing investors such as Accel, Meritech Capital, Foundation Capital and KKR Growth also participated. “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,” claims CEO Fran Rosch. The company’s revenue is over $100 million with annual recurring revenue growth at 75 percent. The new funding will go toward research and development as well as “cloud, global sales and market awareness”, laying the groundwork for further expansion. ForgeRock was founded in 2010 by a group of ex-Sun Microsystems employees. When Sun Microsystems was acquired by Oracle in January of that year, the company’s open source identity and access management software was to be phased out. ForgeRock’s founders started their own company to fork the code and continue developing Sun’s software. Now headquartered in San Francisco, the company still has a strong presence in Europe, including more than 200 employees in the UK, about 33 percent of its global workforce. Around half of its customers are based in EMEA, as well. Rosch is reported to have said this will be the last round of fundraising before taking the company public, though that was also said at the close of an $88 million Series D round in 2017. ForgeRock has raised over $230 million in growth capital to date.