|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.
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Dec. 9, 2016 04:15 AM EST Reads: 1,436
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...
Dec. 9, 2016 04:00 AM EST Reads: 6,335
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Dec. 9, 2016 03:00 AM EST Reads: 378
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Dec. 9, 2016 02:15 AM EST Reads: 6,229
The idea of comparing data in motion (at the sensor level) to data at rest (in a Big Data server warehouse) with predictive analytics in the cloud is very appealing to the industrial IoT sector. The problem Big Data vendors have, however, is access to that data in motion at the sensor location. In his session at @ThingsExpo, Scott Allen, CMO of FreeWave, discussed how as IoT is increasingly adopted by industrial markets, there is going to be an increased demand for sensor data from the outermos...
Dec. 9, 2016 02:00 AM EST Reads: 3,046
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Dec. 9, 2016 01:15 AM EST Reads: 1,660
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed 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 at D...
Dec. 9, 2016 12:45 AM EST Reads: 1,210
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Dec. 9, 2016 12:30 AM EST Reads: 887
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Dec. 9, 2016 12:00 AM EST Reads: 717
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 09:45 PM EST Reads: 1,246
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Dec. 8, 2016 09:15 PM EST Reads: 970
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
Dec. 8, 2016 05:45 PM EST Reads: 1,733
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Dec. 8, 2016 05:00 PM EST Reads: 1,827
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Dec. 8, 2016 04:45 PM EST Reads: 2,260
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...
Dec. 8, 2016 04:45 PM EST Reads: 1,860
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Dec. 8, 2016 04:15 PM EST Reads: 2,325
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Dec. 8, 2016 03:30 PM EST Reads: 1,250
Unsecured IoT devices were used to launch crippling DDOS attacks in October 2016, targeting services such as Twitter, Spotify, and GitHub. Subsequent testimony to Congress about potential attacks on office buildings, schools, and hospitals raised the possibility for the IoT to harm and even kill people. What should be done? Does the government need to intervene? This panel at @ThingExpo New York brings together leading IoT and security experts to discuss this very serious topic.
Dec. 8, 2016 03:00 PM EST Reads: 540
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Dec. 8, 2016 02:30 PM EST Reads: 958
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 02:15 PM EST Reads: 1,203