Digital Identity and Access Management software company ForgeRock has raised a further $93.5 million in a Series E round, with the money slated for a bid to become an even more serious player in the $16bn global ID ecosystem (source: Gartner).
That VC money means the San Francisco-headquartered outfit has now raised more than $230 million in growth capital since its foundation.
The company also claims to be making sales “north of $100 million” and has annual recurring revenue growth is 75%, a sign, it says, of customer satisfaction and strong demand. It also claims more than 1,100 organisations worldwide use its flagship product, the ForgeRock Identity Platform.
In its official announcement of the $93.5m boost, the company promises to invest in research and development, cloud, global sales and market awareness so it can “accelerate growth and continue to enable its customers to create exceptional Digital Identity experiences for their workforces, consumers and things”.
The vendor says it will also continue to invest in ForgeRock Identity Cloud, a tool aimed at making it easier for enterprises to scale by offering a full range of cloud deployment options.
Commenting on his company’s newly-boosted finances, for its CEO Fran Rosch, “To be competitive today, companies need to deepen their relationships with their customers and improve the productivity and connectivity of their workforce.
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Rosch also claims his is the only AI-driven platform that empowers organisations to create amazing digital experiences for both workforce and consumer segments as well as things.
“Increasingly, our platform is becoming mission critical to the largest organisations in the world – and we take our responsibility seriously to deliver on their expectations,” he adds.
“This has become even more pronounced as remote work and E-commerce has surged in the wake of the COVID-19 pandemic. Completing this funding round in the current climate is a testament to the relevance of ForgeRock.”
The release also quotes support for ForgeRock’s ambitions from one of its investors, Riverwood Capital, which enthuses that “its comprehensive platform is very well-positioned to capitalise on the enormous opportunity in the Identity & Access Management market”.
ForgeRock is used in the UK by organisations including the BBC and the Department for Work & Pensions.