ForgeRock completes $88M Series D investment round
ForgeRock has completed a $88 million Series D investment round led by Accel with participation from KKR, Meritech Capital Partners and Foundation Capita, which brings the company’s total of raised investments to more than $140 million, according to a report by Techcrunch.
The company plans to use the new capital to significantly grow its team, expand the product offering and continue its international expansion with particular attention to China in the coming year.
ForgeRock’s identity management platform can be scaled to handle identity from a range of sources beyond just human users.
“The relationships between humans, devices, things and services is driving security,” ForgeRock CEO Mike Ellis said, adding that it is also driving new applications for identity and new business opportunities. “We believe you have to exist everywhere — at the device and gateway level like a connected car, but also on prem and in cloud.”
Ellis said that as technology transitions to machine-to-machine and sensor-to-machine communications on a greater scale, it’s going to need a new kind of identity platform to handle the enormous volume.
He said he is confident that this latest investment is the first step toward an IPO. Rather than merely viewing an IPO as bringing the next surge of cash, Ellis believes it will provide ForgeRock with a much-needed push in the marketplace.
ForgeRock had over $100 million in sales in FY2016. The company currently has about 400 employees, but plans to use the new capital to expand the team by an additional 100-150 by the end of the year.
Previously reported, Callsign Inc. integrated its Intelligence Driven Authentication (IDA) technology with the ForgeRock identity platform, which will enable the enterprises to deliver authentication capabilities to devices and individuals in new ways.