ForgeRock Secures $15M in Financing
Investment in open identity and access management underscores demand for new method of securing cloud, social, mobile and enterprise environments
SAN FRANCISCO, Calif. – April 9, 2013 – ForgeRock Inc., the pioneer of open source identity and access management (IAM), today announced it has closed a $15 million Series B round of financing led by Foundation Capital with additional participation from existing investor Accel Partners. The new round brings the company’s total funding to $22 million, and will be used to fuel the development of ForgeRock’s Open Identity Stack, grow sales, and continue its global expansion. In addition to closing the funding round, Warren Weiss, General Partner with Foundation Capital, will join the board of advisors.
“As CIOs shift investment from employee to consumer-focused identity services, there is a greater need for an IAM stack that can stand up to the requirements of cloud, social, mobile and extended enterprise environments, and it is clear ForgeRock is uniquely positioned to meet this need,” said Warren Weiss, General Partner, Foundation Capital. “I look forward to joining the ForgeRock board and working with them to continue the mission of providing easy-to-deploy and massively scalable IAM to fuel secure collaboration across the contemporary web.”
The company’s Series B follows last month’s release of the latest version of ForgeRock’s Open Identity Stack, the only unified, 100% open source identity stack to secure applications and services across private, hybrid, and public clouds, as well as SaaS, mobile, and enterprise systems. The new release of the platform includes the latest versions of OpenAM and OpenIDM, extending platform flexibility by adding a single, unified REST API across the entire stack for building common identity services across consumer, mobile, social, and enterprise applications.
“ForgeRock’s success in securing approximately 200 customers in less than 3 years and more than 300,000 downloads in over 135 countries positions it as the leading open identity and access management stack on the market,” said Bruce Golden, Partner at Accel Partners. “We look forward to helping the company continue to expand its presence globally and disrupt traditional approaches to IAM by developing a new IAM architecture that solves today’s enterprise challenges.”
“In the past year, our growth across enterprise, cloud, social, and mobile environments has increased significantly. We are changing the relationship between businesses and their consumers, driving new business models and improving customer knowledge and trust,” said Mike Ellis, ForgeRock CEO. “In this round, it was important that we partner with investors that understand the profound transformation currently taking place in the identity market and the massive opportunity arising from this change. With Accel Partners and Foundation Capital we have found that fit.”
ForgeRock is pioneering open source identity and access management through innovation, simplification, and openness for all identity services. Dedicated to rethinking Identity Management for everyone across enterprise, social, mobile and the cloud, ForgeRock products support mission-critical operations with a fully open source platform. ForgeRock’s Open Identity Stack powers solutions for thousands of the world’s largest companies and government organizations. For more information and free downloads, visit www.forgerock.com or follow ForgeRock on Twitter at www.twitter.com/forgerock.
About Foundation Capital
Foundation Capital is a venture capital firm driven by the singular goal of changing the world — about leaving it a better place – by building great companies. It is this entrepreneurial spirit along with a deep technical expertise that gives the partners the understanding, perspective, and enthusiasm to help promising companies in their formative stages. Foundation Capital targets innovative opportunities in cleantech, consumer Internet and infrastructure; telecommunications and networking; and enterprise software and on-demand services. Foundation Capital maintains investments in nearly 70 ventures, including Calix, Financial Engines, Netflix and Silver Spring Networks. For more information, visit www.foundationcapital.com
About Accel Partners
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, London, New York City and Bangalore, as well as in China via its partnership with IDG-Accel. Accel has invested in over 500 companies, many of which have defined their categories, including Angry Birds (Rovio), Atlassian, Cloudera, ComScore, Dropbox, Facebook, Groupon, Imperva, JBoss, Kayak, Lookout, Playfish, QlikTech, Spotify, Supercell, Tenable, Varonis, Wonga and XenSource. For more information, visit the Accel Partners web site at www.accel.com and find us on Facebook at www.facebook.com/accel.