Identity and access are two top priorities in the business world. It's also a concern for individuals. ForgeRock is a software company that provides identity and access management through its multinational platform. The company's roots are long and storied. They go back to the country of Norway and have set down in the United States where the company has its home base. If you're not yet familiar with ForgeRock and its products, here are 20 interesting facts that you probably didn't know.
1. ForgeRock is a multinational company
According to Wikipedia, ForgeRock has its headquarters in San Francisco, USA. It is a multinational company that also has locations in Singapore, Sydney, Australia, Paris, France, Munich, Germany, Oslo Norway, Vancouver, WA, the USA, and Bristol, London, and Grenoble, UK.
2. ForgeRock is an established company
ForgeRock is not an old company, but it has achieved a great deal of success in the 11 years that it has been active. The enterprise was founded in 2010. During this time, it has grown and expanded to serve many countries throughout the world. ForgeRock has 1,100 enterprise customers. For example, the British Broadcasting Company is one of its clients. It uses ForgeRock products to provide authentication and log-in services for more than 45 million users as well as providing secure access to its video streaming service called iPlayer. Other enterprise customers include the European Union, Comcast, and multiple government organizations and large financial institutions.
3. ForgeRock is a software developer
ForgeRock develops software that provides identity and access management products commercially for the internet of things. The range of clients it serves is broad in scope. It offers an open-source platform for enterprise, mobile, cloud, and customer environments.
4. ForgeRock has an interesting history
ForgeRock was founded by a group of ex-employees from Sun Microsystems in Norway. In February of 2010, the founders took a code from Sun when it was acquired by Oracle because Oracle phased out the open-source identity and access management software. It was up for grabs and the former workers were legally able to fork the code to continue developing on the original platform. This is how ForgeRock started. The headquarters has since relocated to the United States as its home base. Had the co-founders not salvaged the fully functional software program, it would have faded into oblivion and not been an option for the millions of users who now benefit from its active operation.
5. ForgeRock offers free and premium versions of its product
The first question that potential investors ask from a company that provides open-source solutions is how they earn their revenue. Even though the software is published under an open-source license, the founders developed an enterprise version of the Identity platform. This is for large companies and it can only be accessed if it is purchased with the commercial license rendered for large-scale operation. This is how ForgeRock makes its income which was $100 million for the year 2019.
6. ForgeRock has a 26-member leadership team
According to Crunchbase, the leadership team at ForgeRock is comprised of 26 members. The core executive leadership team is made up of 8 members. Jonathan Scudder is a founder of ForgeRock. Vicor Ake is the vice president of customer innovation and a co-founder. John Fernandez is the chief financial officer. Hermann Svoren is a founder and vice president of sales. Tshudy Smith is the chief people officer. Eve Maler is the chief technology officer. Allan Foste is the vice president of technical enablement and Jake Feasel is the senior software engineer.
7. ForgeRock has a 15 member board of directors
There are 15 members on the board of directors for ForgeRock. Maria Walker joined the board in November of 2019. She currently serves on one board in an advisory role. Warren Weiss is a founder and partner at WestWave Capital with 2 portfolio companies. He currently serves on 8 boards of directors in advisory roles. Paul Madera joined the board in June of 2014. He is co-founder and MD at Meritech Capital Partners. He has founded one organization and currently serves on 28 boards in advisory roles. Scott McNealy is an advisor to the board at ForgeRock. He is a co-founder and board member of Curriki with 15 portfolio companies and 6 exits. Alex Ott joined the board on March 1, 2012. He is the owner and founder of CrossContinentalVentures with 4 portfolio companies and 2 exits. Dave DeWalt joined the board in January of 2017. He is a managing director at AllegisCyber. He has founded 2 organizations and currently sits on 17 boards of directors in advisory roles. Ryan Fox became an advisor in 2019. He currently serves on 2 boards of directors in advisory roles. Jeff Parks is a co-founder and co-managing partner at Riverwood Capital with 2 portfolio companies. He currently serves on 9 boards of directors in advisory roles.
8. ForgeRock uses a complex array of technology
ForgeRock uses a total of 101 technologies to power its website. It's a complicated combination of technologies that help to provide visitors and users with a smooth and seamless experience when visiting the website and using the products. These technologies are distributed across 46 technology products and services. Some of the services and products include jQuery, Google Analytics, HTML5, SPF, iPhone Mobile Compatible, Viewport Meta, and several others.
9. ForgeRock has a high overhead for IT
The IT expenses or ForgeRock are high because of the number of technologies that it uses to power its website. In addition, the cost of IT staff to keep it running smoothly, along with the scale of the services required due to the size of the operation, drives the costs higher. It is estimated that for 2021, ForgeRock will spend $532.8k on its IT expenses.
10. ForegeRock maintains uniqueness in the Identity and Access industry
ForgeRock stands out against its competitors with products and services that are different to some degree. The company has secured one registered patent in the computing and calculating category. This is intellectual property that no other business can use without the express permission of ForgeRock. On top of that, ForgeRock has also secured two registered trademarks in the scientific and electric apparatus and instruments category. These are the secrets that help ForgeRock to maintain an edge over the competition.
11. ForgeRock is seeing growth in downloads of its products
Over the past 30 days, analytics for the ForgeRock website shows that the company has seen a growth in the number of monthly downloads of 12.51 percent. A total of 3,390 downloads were accomplished in the last month with the most popular being ForgeRock Authenticator and OpenDJContact Manager. Apps are most often downloaded from Google Play and Itunes Connect App Stores.
12. Interest in ForgeRock is growing
The analytics for the ForgeRock website shows that the monthly visits rate has grown by 34.37 percent. This is a tremendous growth rate. The total number of visitors over the past 30 days was 118,547. This has resulted in ForgeRock achieving a ranking of number 245,790 of the millions of websites registered on the world wide web.
13. Interest in ForgeRock is highest in the United States.
Although ForgeRock was initially started in the country of Norway, the largest volume of web traffic comes from people within the United States, according to the website statistics. Thirty-nine percent of the visitors are from the U.S., with a monthly visits growth rate of 9.9 percent. Fifteen percent of the visitors are from Germany, which shows an incredible growth rate of 134.19 percent. Eight percent of the web traffic is from the United Kingdom with a 164.65 percent growth rate. Seven percent of the visitors to the website are from India with a 0.6 percent growth, and five percent are from France.
14. ForgeRock has raised $233.7 million
ForgeRock raised a total of $233.7 million in venture capital funding from its investors. The enterprise has participated in five rounds of VC fundraising the concluding on April 21, 2020, in the form of a Series E round. ForgeRock has five investors including Accel, Kohlberg Kravis Roberts, Foundation Capital, Riverwood Capital, and Meritech Capital Partners. Four of the five investors have served as lead investors.
15. ForgeRock has made one acquisition
ForgeRock acquired a company called Apexidentity. The merger was announced on February 14, 2011, and completed shortly after for an undisclosed amount. Apexidentity is a company out of Danville, California and it has now become a part of the ForgeRock family. No further details about the merger were made available.
16. ForgeRock is going public
According to Seeking Alpha, ForgeRock has filed to raise a sum of $100 million in an initial public offering. The multinational global firm announced on August 27, 2021. The enterprise has experienced tremendous growth in its security Identity-as-a-Service technologies for enterprises throughout the world. The registration statement (S-1), explains that ForgeRock plans to sell $100 million of its Class A common stock in its initial public offering. the bookrunners that are listed for the IPO include Mizuho Securities, Deutsche Bank Securities, J.P. Morgan, Morgan Stanley, and a few other investment banks.
17. ForgeRock has unspecified plans for the proceeds
ForgeRock disclosed that it has plans for the proceeds of the IPO that it hopes will be $100 million. They intend to use it for general corporate purposes such as capital expenditures, operating expenses, and working capital, as well as satisfying tax obligations. ForgeRock did not specify exactly what that means, but it did provide enough information to suggest that the enterprise needs the funding to take care of day-to-day expenses, as well as for the expansion of the enterprise. It is currently unknown whether expansion means into new markets or throughout other countries in the world.
18. ForgeRock is growing its workforce
According to LinkedIn, ForgeRock currently employs a workforce of 743 workers. We saw on the LinkedIn page that it has listed 44 new job openings. This is good news and it shows that the company is making good on its claim of expansion. There are posts for new position openings in Vancouver, Washington, London, England, Austin, Texas, Bristol, England, San Francisco, California, Phoenix, Arizona, Sydney, New South Wales, Australia, Singapore, Paris, France, New York, New York, Madrid, Spain, and several job openings for remote workers anywhere in the United States or England, United Kingdom. This is good news for investors who are keeping their eyes open for signs of new growth.
19. ForgeRock is a modern tech company
Our research also revealed that ForgeRock is a modern tech company that develops software that uses the most advanced technologies to deliver its services. ForgeRock's software solutions rely on artificial intelligence capabilities that have been described as being unmatched within the industry of identity, authentication, and access. It is the only full suite platform that has this capability built-in. What this means is that the platform allows for coexistence, migration, or retirement of the current IAM systems and it can be done on the terms of the enterprise as they see fit. IT eliminates the painful transitions that are often the case when making migrations to new systems, such as downtime, expense, and the learning curve for becoming familiar with ta new system without a gradual transition.
20. ForgeRock is a company to keep your eye on
As ForgeRock moves toward its new status as a public company, it's something to consider if you're looking for an investment for diversification of your current investment portfolio. It's currently backed by powerful investors and although it could offer a bit more transparency, its plans for the proceeds of the IPO seem to be in order. It's worth consideration, and perhaps a conversation with your investment advisors as soon, ForgeRock will be listed on the New York Stock Exchange.
Written by Allen Lee
Read more posts by Allen Lee