|By Marketwired .||
|June 19, 2014 08:00 AM EDT||
SAN FRANCISCO, CA -- (Marketwired) -- 06/19/14 -- ForgeRock Inc., the leading open platform provider of identity relationship management (IRM) solutions, announced today that it has received $30 million in its oversubscribed Series C round of funding. Meritech Capital Partners led the round and existing investors Accel Partners and Foundation Capital also participated. As part of the investment, Paul Madera, co-founder and managing director of Meritech, will be joining ForgeRock board of directors. The latest round brings the company's total funding to $52 million. Building on the momentum of a banner year, the investment will accelerate disruptive product development and innovation, and increase ForgeRock's global market share via expanded sales and marketing efforts.
Founded in 2010 and built on Sun Microsystems' market-leading open-source identity projects, ForgeRock recognizes that customer-centric organizations require a new type of identity platform to harness the explosion of users, applications, devices, and "things" and the numerous relationships between them. Unlike traditional niche solutions focused on a portion of the required capability or traditional legacy suites comprised of bundles of products thrown together, ForgeRock developed the first and only open, unified, massively scalable identity relationship management platform purpose-built for delivering customer-facing solutions to any device or "thing," on-premises or in the cloud. Today, ForgeRock has more than half a billion end users of its IRM solution in 30 countries and five continents.
Success, Growth and Momentum
ForgeRock grew sales by 305 percent from 2012 to 2013, driven by increased customer demand and interest from key verticals including healthcare, insurance, finance and government. Key customer wins include Toyota, Thomson Reuters, GEICO, Yellow Pages Canada and McKesson. During the last year, ForgeRock also established a strategic partnership with salesforce.com, contributing to the company's growth and reach globally.
The swell of Fortune 1000 enterprise and government customers deploying ForgeRock IRM solutions has led to a 166 percent increase in average deal size year-over-year. Sales grew quarter-over-quarter 112 percent from Q1FY13 to Q1FY14, continuing the quarter-to-quarter growth the company has maintained since inception. Sales and customer count also continue to grow evenly between the North American and international markets.
ForgeRock was voted one of the Best Places to Work in 2013 by the San Francisco Business Times. The company was also recognized by AlwaysOn as one of the OnDemand Top 100 winners for its disruptive technology and leadership in its category.
ForgeRock sees companies struggling to manage and control digital identities everywhere. Illustrating the magnitude of this challenge, a Forrester survey showed that enterprises reported a median of only 101 to 1,000 partner identities and 1,001 to 10,000 employee identities -- but 500,001 to 5,000,000 consumer identities -- within their organizations. ForgeRock's platform meets this challenge. It is purpose-built for internet scale, enabling products and services like the connected car, eGovernment and healthcare wearables, among others.
"ForgeRock is pioneering IRM globally. With a brilliant team, exceptional growth and an expanding number of partnerships, the company has quickly moved from its European origins to become the worldwide category leader," said Bruce Golden, partner at Accel Partners. "In just two years, ForgeRock has established a global footprint with headquarters in the U.S. and sales and support operations to assist customers anywhere they do business."
"The winners and losers in today's digital world will be determined by how they approach the issue of identity as they develop new offerings," said Warren Weiss, general partner, Foundation Capital. "Those that utilize an identity platform like ForgeRock's can quickly respond to the needs of their business. They can roll out new services to any device or thing more quickly than their competitors, and will have a distinct advantage in the market."
"ForgeRock helps companies take visionary ideas and transform them into applications that can be delivered across any device or thing, harnessing the power of identity," said Paul Madera, co-founder and managing director, Meritech Capital Partners. "ForgeRock's high-scaling, flexible, open-source platform changes market dynamics by helping companies develop new revenue streams with better customer engagement in today's connected world."
"The IAM industry is undergoing a huge shift from IAM to IRM, and ForgeRock is leading the charge," said Alex Ott, owner and founder of CrossContinentalVentures, a global provider of advisory services to entrepreneurs and ForgeRock board member. "The company recognized this shift early and is creating a disruption in the market by extending the value of identity where legacy vendors have failed to innovate. With ForgeRock's open source approach, organizations can create a seamless experience when developing customer-focused services across users, applications, devices and things."
"Oracle, CA and IBM's IAM products fail to meet the demands of today's digital enterprise. Their inability to seamlessly manage identities, at scale, across devices, people and things puts enterprise customers at risk and leads to missed opportunities," said Mike Ellis, CEO, ForgeRock. "ForgeRock understands the customer relationship is more important now than ever before. We are causing a disruption in the market by securely enabling new revenue-driving business opportunities for our customers. Our large customer user-base includes many of the leaders in their respective industries and is a validation of ForgeRock's innovation and impact on their businesses."
ForgeRock Blog on Series C Funding (http://forgerock.com/series-c/)
ForgeRock Customers (http://forgerock.com/customers/)
ForgeRock Open Identity Stack (http://forgerock.com/what-we-offer/open-identity-stack/)
ForgeRock Identity Relationship Management (http://forgerock.com/irm/)
ForgeRock on Twitter (https://twitter.com/ForgeRock)
ForgeRock on Facebook (https://www.facebook.com/pages/ForgeRock/101648653214231)
Founded in 1983, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, New York City, London and Bangalore.
Accel has helped entrepreneurs build over 300 successful companies, many of which have defined their categories, including Alfresco, Angry Birds (Rovio), Atlassian, Cloudera, ComScore, Dropbox, Facebook, Gameforge, Groupon, Imperva, Kayak, Playfish, QlikTech, Spotify, Supercell, Varonis and Wonga.
About Foundation Capital
Foundation Capital is dedicated to the proposition that one entrepreneur's idea, with the right support, can become a business that changes the world. Foundation Capital has helped companies like Atheros create the mobile Internet, EnerNOC invent the energy demand response market, and Netflix revolutionize media distribution and consumption, among many others. Foundation Capital is currently invested in more than 80 high-growth ventures in the areas of consumer, information technology, software, semiconductors, and clean technology including BoardVantage, Chegg, Coverity, Lending Club, MobileIron, Simply Hired, Sunrun, TubeMogul and Venafi. Foundation Capital's 22 IPOs include Control4, Envestnet, Financial Engines, Netflix, NetZero, Responsys and Silver Spring Networks. For more information, visit http://www.foundationcapital.com.
About Meritech Capital
Meritech Capital Partners is one of the premier providers of late-stage venture capital to category-defining private technology companies and one of the top performing venture funds in the entire industry. With over $2.6 billion under management, Meritech invests in companies with proven and differentiated technology, massive market opportunities, accelerating revenue and experienced management teams. With one of the most prominent venture portfolios Meritech has a wealth of experience providing guidance on issues rapidly scaling companies commonly face including senior management hiring and compensation, IPO market timing and positioning, and M&A negotiating strategies. Meritech investments include such notable companies as Acclarent, BigFix, Broadsoft, Box, Cloudera, Cornerstone OnDemand, Evernote, Facebook, Fortinet, Greenplum, Lynda.com, Netezza, NetSuite, PopCap, Presidio, Riverbed, Ruckus Wireless, Salesforce.com, Sourcefire, SpringSource, Tableau Software, TeleAtlas, Yammer, Zipcar and Zulily. For more information visit www.meritechcapital.com.
ForgeRock, the fastest growing identity relationship management vendor in the world, is building secure relationships across the modern Web. Focused on using online identities to grow revenue, extend reach, and launch new business models, ForgeRock's Open Identity Stack powers solutions for many of the world's largest companies and government organizations. Founded in 2010, ForgeRock's leadership team brings 80 combined years of experience in the software industry and includes open source icons and innovators, with investors from two of the leading global venture capital firms -- Accel Partners and Foundation Capital. For more information and free downloads, visit http://www.forgerock.com or follow ForgeRock on Twitter at http://www.twitter.com/forgerock.
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Oct. 27, 2016 07:00 AM EDT Reads: 5,010
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
Oct. 27, 2016 07:00 AM EDT Reads: 4,933
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
Oct. 27, 2016 06:45 AM EDT Reads: 1,089
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Oct. 27, 2016 06:45 AM EDT Reads: 1,061
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
Oct. 27, 2016 05:45 AM EDT Reads: 1,263
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
Oct. 27, 2016 05:30 AM EDT Reads: 1,216
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Oct. 27, 2016 04:45 AM EDT Reads: 2,880
Donna Yasay, President of HomeGrid Forum, today discussed with a panel of technology peers how certification programs are at the forefront of interoperability, and the answer for vendors looking to keep up with today's growing industry for smart home innovation. "To ensure multi-vendor interoperability, accredited industry certification programs should be used for every product to provide credibility and quality assurance for retail and carrier based customers looking to add ever increasing num...
Oct. 27, 2016 04:00 AM EDT Reads: 777
“Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CloudBerry Backup is a leading cross-platform cloud backup and disaster recovery solution integrated with major public cloud services, such as Amazon Web Services, Microsoft Azure and Google Cloud Platform.
Oct. 27, 2016 03:45 AM EDT Reads: 1,512
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, will discuss how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team a...
Oct. 27, 2016 03:45 AM EDT Reads: 757
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
Oct. 27, 2016 03:45 AM EDT Reads: 1,114
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
Oct. 27, 2016 03:30 AM EDT Reads: 3,854
What are the successful IoT innovations from emerging markets? What are the unique challenges and opportunities from these markets? How did the constraints in connectivity among others lead to groundbreaking insights? In her session at @ThingsExpo, Carmen Feliciano, a Principal at AMDG, will answer all these questions and share how you can apply IoT best practices and frameworks from the emerging markets to your own business.
Oct. 27, 2016 03:00 AM EDT Reads: 2,700
Big Data has been changing the world. IoT fuels the further transformation recently. How are Big Data and IoT related? In his session at @BigDataExpo, Tony Shan, a renowned visionary and thought leader, will explore the interplay of Big Data and IoT. He will anatomize Big Data and IoT separately in terms of what, which, why, where, when, who, how and how much. He will then analyze the relationship between IoT and Big Data, specifically the drilldown of how the 4Vs of Big Data (Volume, Variety,...
Oct. 27, 2016 02:45 AM EDT Reads: 1,598
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
Oct. 27, 2016 02:15 AM EDT Reads: 1,132
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Oct. 27, 2016 02:00 AM EDT Reads: 4,265
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm ...
Oct. 27, 2016 02:00 AM EDT Reads: 3,984
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Oct. 27, 2016 01:45 AM EDT Reads: 2,151
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general. Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
Oct. 27, 2016 01:00 AM EDT Reads: 34,309
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Oct. 27, 2016 12:00 AM EDT Reads: 1,133