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As revenues rise for ForgeRock, the digital identity start-up has filed for an IPO.
San Francisco-based digital identity provider ForgeRock has filed to go public, the company announced yesterday (23 August).
It comes more than a year after the company’s last funding round. In a Series E round last April, ForgeRock raised $93.5m led by Riverwood Capital, with participation from Accel, Meritech Capital, Foundation Capital and KKR Growth.
The company has filed for an IPO with the US Securities and Exchange Commission for shares of its Class A common stock, and plans to list under the ticker symbol ‘FORG’ on the New York Stock Exchange.
Bloomberg reported that ForgeRock listed the size of its offering as $100m – subject to change when share prices are determined – and that the company sought a valuation between $3bn and $4bn in May.
The IPO has long been expected, with ForgeRock CEO Fran Rosch telling TechCrunch last year that the Series E funding would likely be the last round before the company goes public.
ForgeRock’s platform aims to help people access the connected world through a digital identity platform designed for cloud environments that ensures the people accessing the services are exactly who they say they are.
Its list of customers includes the BBC, BMW and the UK’s Department for Work and Pensions, among other large organisations.
Demand for digital identity services surged during the pandemic as more companies turned to remote working.
While ForgeRock has been making net losses over the past two years, its losses have narrowed substantially in 2021 compared to last year’s levels. Bloomberg reported that the company made a net loss of $20m in the first half this year, down from $36m in the same period last year, while revenue jumped to $85m from $55m.
ForgeRock was founded in Norway in 2010 by Hermann Svoren, Jonathan Scudder, Lasse Andresen, Steve Ferris and Viktor Ake. The company, which has raised more than $230m over five funding rounds, said that its technology is used by more than 1,300 enterprise customers that collectively manage more than 2bn identities.
