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ForgeRock
ForgeRock
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ForgeRock, Inc. was an identity and access management software company headquartered in San Francisco. On August 23, 2023, Thoma Bravo announced that it had completed the acquisition of the company for approximately $2.3 billion. On acquisition completion, ForgeRock merged into Ping Identity, and both product portfolios continue being developed.[5]

Key Information

Overview

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ForgeRock was founded in Norway in February 2010 by a group of former Sun Microsystems employees, after Sun was acquired by Oracle Corporation. After the acquisition, the software was scheduled for phase-out in favor of Oracle’s in-house product,[6][7] so the founders "started their own company to fork the code and continue developing Sun’s software."[7][8][9]

In April 2020, ForgeRock announced that it has raised $93.5 million in funding, a Series E it will use to continue expanding, which "brings the total raised by the company to $230 million."[10] The company went public in September 2021. It is listed on the New York Stock Exchange under the ticker symbol FORG.[11] On October 11, 2022, private equity firm, Thoma Bravo, agreed to purchase ForgeRock for $2.3 billion in an all-cash deal.[12] After the acquisition was completed in August 2023, the new owner reported that ForgeRock would be integrated into its company portfolio Ping Identity.[5]

Products

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The ForgeRock Identity Platform includes Access Management (based on the OpenAM open source project), Identity Management (based on the OpenIDM open source project), Directory Services (based on the OpenDJ open source project), and Identity Gateway (based on the OpenIG open source project).[13] ForgeRock Access Management provides access management, ForgeRock Directory Services is an LDAP directory service, ForgeRock Identity Management is used for identity management, and ForgeRock Identity Gateway provides an identity gateway for web traffic and application programming interfaces (APIs).[14][15]

Originally based on open source software owned by Sun Microsystems (now Oracle Corporation), the enterprise version of the ForgeRock Identity Platform can only be accessed by purchasing a commercial license.[16] The source code of the community version is publicly available under the terms of the Common Development and Distribution License.[16]

See also

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References

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from Grokipedia
ForgeRock was a multinational specializing in and access management (IAM) solutions, founded in October 2009 as ForgeRock AS under the laws of by a group of former engineers. In February 2012, the company reorganized and incorporated as ForgeRock, Inc. in the United States, establishing its headquarters in , , to focus on commercial open-source IAM products that enable secure user , , and governance across , mobile, and legacy systems. The company's flagship offering, the ForgeRock Identity Platform, provided an end-to-end suite of tools for access management, identity management, user-managed access, directory services, and an identity gateway, supporting AI-driven fraud prevention and compliance with standards like GDPR and CCPA. Built on open-source foundations from projects like (formerly OpenSSO), ForgeRock's solutions served enterprises in sectors such as , healthcare, and , powering over 1,200 customers worldwide by emphasizing customer-centric identity relationship management. The platform's cloud-native architecture, including the ForgeRock Identity Cloud (now rebranded as PingOne Advanced Identity Cloud), facilitated scalable deployment for modern digital experiences while integrating with existing infrastructures. ForgeRock went public on the in September 2021 under the ticker FORG, raising approximately $316 million in its amid growing demand for robust IAM amid rising cyber threats. However, in October 2022, the company entered into a definitive agreement to be acquired by for $23.25 per share in an all-cash transaction valued at about $2.3 billion. The acquisition closed on , 2023, after regulatory approvals, at which point ForgeRock was delisted from the NYSE and fully integrated into Thoma Bravo's portfolio company, , to form a combined IAM powerhouse offering enhanced enterprise-grade identity and capabilities. As of 2025, ForgeRock's technologies continue to operate under the Ping Identity umbrella, contributing to unified solutions for identity-centric in a post-merger entity valued for its market-leading position in the IAM sector.

History

Founding and Early Development

ForgeRock was founded in October 2009 in , , by a group of former employees in response to Oracle Corporation's acquisition of Sun earlier that year, which raised concerns about the future of open-source identity projects like OpenSSO. The acquisition threatened to discontinue community-driven development of these initiatives, prompting the founders to establish an independent company dedicated to their preservation and advancement. The company's co-founders were Lasse Andresen, who served as CEO; Jonathan Scudder, chief architect; Hermann Svorøn, focused on EMEA sales; Steve Ferris, vice president of support and services; and Victor Ake, chief technology officer. All had extensive backgrounds at , where they contributed to the development and maintenance of OpenSSO and related open-source identity technologies. Their expertise in access management and directory services formed the core of ForgeRock's early technical foundation. From its inception, ForgeRock's mission centered on commercializing and evolving open-source identity and access management (IAM) solutions, initially forking and enhancing projects such as OpenSSO (renamed for access management), for directory services, OpenIDM for identity management, and OpenIG for identity gateways into a unified platform. This approach aimed to provide enterprises with flexible, standards-based IAM tools while maintaining community accessibility. In February 2012, ForgeRock underwent a reorganization, incorporating as ForgeRock, Inc. in the United States and relocating its headquarters to , , to better tap into U.S. markets, talent pools, and investor networks. That same year, ForgeRock secured its first significant external funding with a $7 million Series A round led by Accel Partners, following an initial bootstrap phase with modest seed capital. This investment enabled the company to scale operations and accelerate product development in the competitive IAM landscape.

Expansion and Milestones

ForgeRock's expansion phase was marked by significant funding rounds that fueled its growth from a startup to a leading player in digital identity management. The company raised a total of approximately $234 million across Series A through E funding rounds. In June 2014, ForgeRock secured $30 million in Series C funding, led by Riverwood Capital, to support global expansion and enterprise adoption of its identity relationship management solutions. This round enabled the establishment of sales and support operations in multiple regions, building on its U.S. headquarters. By September 2017, ForgeRock closed an $88 million Series D round led by Accel, with participation from KKR, Meritech Capital Partners, and others, to accelerate research and development, sales, and its focus on identity solutions for Internet of Things applications. In April 2020, the company raised $93.5 million in a Series E round led by Accel and Riverwood Capital, with investments from Goldman Sachs and ICONIQ Capital, bringing total funding to support cloud innovation amid heightened demand for secure digital interactions. Key operational milestones underscored ForgeRock's scaling efforts during this period. In April 2017, the company launched the ForgeRock Identity Platform version 5.0, a unified solution that integrated identity and access management tools to bridge traditional and advanced capabilities. This platform release enhanced developer tools and supported deployment across hybrid environments. By 2019, ForgeRock achieved $106 million in annual recurring revenue (ARR), crossing the $100 million threshold and reflecting strong market adoption. Strategic partnerships further bolstered its ecosystem; in 2018, ForgeRock enabled seamless deployment of its platform on major clouds including , facilitating integration for enterprise customers. In 2020, it expanded its collaboration with (AWS) to simplify identity management in cloud-native architectures, aligning with surging needs for scalable access controls. Global expansion efforts positioned ForgeRock as an international provider, with offices established across the , , and regions. Headquartered in , the company opened facilities in and (), (), (), and locations in to serve a growing international customer base. This footprint supported adoption by major enterprises, including , which leveraged the platform to manage over 30 million identities. The accelerated these trends, driving and that increased demand for cloud-based identity and access management (IAM) solutions. Leading into its public market entry, ForgeRock filed for an (IPO) with the U.S. Securities and Exchange Commission in August 2021, capitalizing on the rising market for cloud IAM amid ongoing digital adoption challenges. This move highlighted the company's maturation, with ARR reaching $136 million by 2020 and a customer base exceeding 1,100 organizations.

Initial Public Offering

ForgeRock went public on September 16, 2021, listing on the under the ticker symbol FORG. The was priced at $25 per share, with 11 million shares offered, raising $275 million in gross proceeds. Including the full exercise of the underwriters' option to purchase an additional 1.65 million shares, the total shares sold reached 12.65 million, resulting in gross proceeds of approximately $316 million. At the IPO price, the company achieved a fully diluted valuation of approximately $2 billion. At the time of the IPO, Fran Rosch served as CEO, having joined the company in to lead its growth in cloud-native identity and access management solutions focused on customer identity and access management (CIAM). Rosch highlighted the IPO as an opportunity to accelerate investments in the company's platform, which supports secure digital experiences for billions of identities worldwide. This public debut followed strong revenue growth, with annual recurring revenue increasing from $106 million in to $136 million in , driven by demand for its open-source-based identity platform. Following the IPO, ForgeRock's stock experienced significant volatility. Shares debuted strongly, closing at $36.50 on the first —a 46% increase from the IPO price—and reached an all-time high closing price of $47.15 on , 2021. However, amid broader market downturns in 2022, including rising rates and economic uncertainty, coupled with intensifying in the identity and access management sector, the stock declined sharply, reaching a low of around $12.34 in February 2022. This post-IPO performance reflected challenges in the tech sector, where growth faced valuation pressures. The company allocated IPO proceeds toward strategic initiatives, including research and development in for enhanced identity verification and , as well as expanding its platform's capabilities in zero-trust security architectures. These investments aimed to strengthen ForgeRock's position in providing adaptive, context-aware access controls for enterprise and consumer applications. By focusing on AI-driven features and zero-trust principles, ForgeRock sought to address evolving threats in management during its independent public phase.

Acquisition and Merger with Ping Identity

In October 2022, , a leading software investment firm, announced its agreement to acquire ForgeRock in an all-cash transaction valued at approximately $2.3 billion, or $23.25 per share for each share of ForgeRock's Class A . This offer represented a premium of about 53% over ForgeRock's closing share price on , 2022, the last full trading day prior to the announcement. The deal, unanimously approved by ForgeRock's board of directors, was subject to customary closing conditions, including regulatory approvals and stockholder consent, with an expected closure in the first half of 2023. The acquisition was completed on August 23, 2023, following receipt of all required regulatory clearances, including from the U.S. Department of Justice. Upon closing, ForgeRock's Class A ceased trading and was delisted from the , marking the end of its status as a publicly traded company. had previously acquired , another identity and access management (IAM) provider, in October 2022 for $2.8 billion following an announcement in August of that year. Immediately upon ForgeRock's acquisition, integrated it into as a portfolio company, with the combined entity continuing operations under the name. The merger was strategically designed to consolidate strengths in the IAM sector, enabling the combined company to offer enhanced products, broader geographic support, and accelerated innovation for customers securing digital identities. This union positioned Ping Identity as a more comprehensive IAM leader, serving enterprises with unified solutions for workforce and customer identity needs, and fostering greater choice and expertise in a rapidly evolving market. As of 2025, the ForgeRock brand has been fully phased out, with its technologies and product lines rebranded and incorporated into Ping Identity's offerings, such as the PingOne Advanced Identity Cloud (formerly ForgeRock Identity Cloud); no major divestitures of assets have been reported, and development of the integrated IAM capabilities continues within Ping Identity. The merger created a strengthened organization with approximately 1,300 employees and annual recurring revenue approaching $800 million as of November 2024, enhancing its competitive stance in the global IAM landscape.

Products and Technology

Core Identity Platform

The ForgeRock Identity Platform, launched in April 2017 with version , serves as a unified, cloud-native, and API-first suite for identity and access management (IAM). It enables secure authentication, fine-grained authorization, and comprehensive user lifecycle management, including provisioning, synchronization, and self-service capabilities. The platform supports industry standards such as OAuth 2.0 for delegated authorization, OpenID Connect for authentication, and SAML for federation, facilitating seamless integration across diverse applications and services. Designed to address both customer identity and access management (CIAM) and workforce IAM needs, the platform targets enterprises delivering digital services, including high-volume environments like mobile banking applications and e-commerce platforms. For instance, it powers secure customer onboarding and transaction approvals in financial services, as seen in compliance with regulations like PSD2, and supports personalized user experiences in retail scenarios requiring millions of daily authentications. Its architecture ensures scalability through microservices and Kubernetes compatibility, handling peak loads without compromising performance. Originally supporting on-premises deployments, the platform evolved to embrace hybrid and fully cloud-based models, with the launch of ForgeRock Identity Cloud in 2019 providing a multi-tenant SaaS option built on Cloud. By 2021, it incorporated AI-driven features for adaptive , which dynamically adjusts security based on user behavior and context, alongside for real-time detection to mitigate risks like account takeovers. These enhancements built on its open-source foundations, including components like for access management. As of 2025, following Thoma Bravo's acquisition of ForgeRock, which closed in 2023, and its subsequent integration with , the core platform—now known as Ping Advanced Identity Software—has been rebranded with components renamed in early 2024 (e.g., ForgeRock Access Management to PingAM) while preserving the original architecture to avoid disruptive reengineering. This merger enables hybrid deployments combining Ping's workforce-focused tools with ForgeRock's consumer-oriented strengths, supporting ongoing innovation in zero-trust security.

Key Components and Features

The Ping Advanced Identity Software (formerly the ForgeRock Identity Platform) is built on a modular architecture comprising several interconnected components that deliver robust identity and access management capabilities. These modules—PingAM (formerly Access Management), PingIDM (formerly Identity Management), PingDS (formerly Directory Services), and PingGateway (formerly Identity Gateway)—enable organizations to secure digital interactions while supporting scalability and customization across diverse environments. Each component addresses specific aspects of identity governance, from user verification to data storage, and they integrate seamlessly to form a unified . PingAM (Access Management) serves as the core for authentication and authorization processes within the platform. It handles user authentication through methods such as (MFA) and , ensuring secure verification of identities before granting access to resources. For authorization, PingAM employs policy decision points (PDPs) to evaluate and enforce fine-grained access controls based on contextual attributes like user roles, device status, and environmental factors, allowing precise policy application without compromising performance. This component integrates with web and agents to protect applications and APIs, supporting standards like OAuth 2.0 and SAML for federation. PingIDM (Identity Management) focuses on the lifecycle management of user identities, including provisioning, , and functionalities. It automates the creation, updating, and deletion of user accounts across connected systems, synchronizing identity data from disparate sources such as HR databases or external directories to maintain consistency. PingIDM provides portals where users can manage their profiles, reset passwords, or request access, reducing administrative overhead. Additionally, it supports configurable workflows for new users and offboarding departing ones, incorporating approval processes and compliance checks to streamline operations. PingDS (Directory Services) acts as the high-performance backend for storing and retrieving user data, functioning as an LDAPv3-compliant directory server optimized for identity-related queries. It supports the storage of millions of user identities with features like to ensure data availability and consistency across distributed deployments, even in high-traffic scenarios. PingDS offers horizontal scalability through clustering and sharding, enabling it to handle large-scale enterprises while maintaining low-latency access for and lookups. Its RESTful further facilitates integration with modern applications, abstracting traditional LDAP complexities. PingGateway (Identity Gateway) operates as a lightweight reverse proxy designed to secure APIs, web applications, and microservices at the network edge. Positioned between clients and protected resources, PingGateway enforces authentication and authorization policies from PingAM without requiring modifications to the underlying application code or container configurations, simplifying deployment in cloud-native environments. It intercepts requests, applies security rules such as token validation and rate limiting, and routes traffic accordingly, supporting protocols like HTTP, HTTPS, and WebSocket for versatile protection. This edge enforcement reduces latency by offloading policy decisions from backend systems. The platform's is achieved primarily through a unified set of APIs shared across all components, enabling programmatic interactions and extensions for custom integrations. This common framework allows developers to query identities, enforce policies, or trigger workflows consistently, regardless of the module involved. A key feature enhancing this connectivity is journey orchestration, which permits the design of adaptive, multi-step user flows—such as combining biometric with risk-based —tailored to specific use cases like customer onboarding or employee access requests. These orchestrated journeys leverage PingAM's tree-based configuration to sequence actions across PingIDM, PingDS, and PingGateway, ensuring a cohesive and responsive identity experience.

Open-Source Foundations

ForgeRock's open-source foundations trace back to the identity and access management (IAM) stack originally developed by , which was acquired by in 2010. Following the acquisition, a group of former Sun engineers founded ForgeRock to maintain and evolve these projects, forking key components to preserve community-driven development. The core elements included , derived from Sun's OpenSSO for access management; , a lightweight directory server based on the OpenDS LDAP implementation; OpenIDM for identity synchronization and provisioning; and OpenIG, an identity gateway for securing APIs and applications. These forks ensured continuity for the open-source , preventing stagnation under Oracle's proprietary shift. To commercialize these foundations, ForgeRock introduced enterprise editions that extended the open-source cores with professional support, enhanced scalability features such as clustering for , and advanced analytics for monitoring IAM deployments. This approach allowed organizations to deploy the software freely while opting for paid upgrades, fostering widespread adoption without compromising the underlying open-source accessibility. ForgeRock maintained a dual-licensing model, releasing the community editions under the (CDDL)—a permissive originally from Sun—while reserving proprietary extensions for commercial use under restrictive terms. This structure permitted free modification and redistribution of the core code, which significantly boosted uptake among startups, educational institutions, and non-profits seeking cost-effective IAM solutions. In terms of community impact, ForgeRock actively contributed enhancements and bug fixes back to the projects during its early years, building a robust ecosystem around these tools. However, open-source development largely ceased around 2016-2017 as the company prioritized its commercial platform. By 2025, the independent open-source versions of , , OpenIDM, and OpenIG continued to see use in community-maintained forks, while ForgeRock's commercial derivatives had been integrated into Ping Identity's unified IAM ecosystem following the 2023 merger under . This evolution preserved the open-source legacy's influence on modern solutions.

Corporate Profile

Leadership and Governance

ForgeRock was founded in October 2009 by Lasse Andresen, Jonathan Scudder, Victor Ake, Hermann Svoren, and Steve Ferris, with Andresen serving as the initial CEO until February 2013, during which he guided the company's early development as a self-funded open-source identity management provider. Following Andresen's departure, Michael assumed the role of CEO in December 2012, leading ForgeRock through its expansion phase until January 2018, emphasizing growth in solutions. Fran Rosch succeeded Ellis as CEO in June 2018, steering the company toward its initial public offering on the in September 2021 and subsequent revenue growth, before departing in 2023 amid the acquisition process. John Fernandez joined as in 2013, overseeing financial operations and scaling efforts for over a decade until the 2023 merger, while Eve Maler was appointed CTO in April 2020, bringing expertise in identity standards and driving innovation in security. The during ForgeRock's independent period featured a mix of industry veterans and investor representatives, with Accel Partners holding seats through partners Bruce Golden and Arun Mathew, who joined in 2017 to support strategic governance in the identity and access management sector. Other notable members included Dave DeWalt as chairman from 2016 to 2022, providing leadership in cybersecurity, and later additions like Rinki Sethi and Johanna Flower in August 2021, both experts in technology and IAM compliance. The board emphasized expertise in identity management, with members drawn from firms like KKR and focused on guiding ethical practices in data handling. Following 's acquisition of ForgeRock for $2.3 billion in August 2023 and its merger into , executive leadership transitioned to integrate with Ping's structure, delisting ForgeRock from the NYSE and aligning operations under Ping's governance framework. Key figures like Fran Rosch moved to external roles, becoming CEO of in January 2024, while others such as John Fernandez continued in financial capacities within the broader Thoma Bravo portfolio before further transitions. As a from 2021 to 2023, ForgeRock adhered to NYSE listing standards, with its nominating and committee operating under a charter that ensured compliance with audit, compensation, and oversight requirements. The board prioritized cybersecurity and data privacy in its practices, reflecting the company's focus on identity governance solutions that addressed compliance challenges like GDPR through AI-driven .

Financial Performance

ForgeRock's demonstrated steady growth in the years leading up to its , increasing from $104.5 million in 2019 to $127.6 million in 2020, $176.6 million in 2021, and reaching $217.5 million in 2022. This expansion was primarily driven by its subscription-based model, which accounted for over 96% of by 2020 and fueled annual recurring revenue (ARR) growth exceeding 30% year-over-year in the pre-IPO period, with ARR rising from $106 million in 2019 to $136 million in 2020 and $164 million by the third quarter of 2021. The company secured approximately $230 million in funding across multiple rounds since its founding in 2009, supporting product development and market expansion. In September 2021, ForgeRock went public on the at a valuation of approximately $2.05 billion, raising $275 million in gross proceeds. Following a period of public trading, acquired ForgeRock in August 2023 for $2.3 billion, equivalent to a roughly 10x multiple of its 2022 revenue, and merged it with to form a combined entity focused on enterprise identity solutions. Despite revenue gains, ForgeRock prioritized scaling operations and invested heavily in as well as sales and marketing, resulting in a net loss of $66.3 million for 2022. The emphasized ARR as a key indicator of long-term financial health, which grew 25% year-over-year to $229.6 million by the end of 2022. Post-acquisition, ForgeRock's financials have been fully integrated into , contributing to the combined company's revenue stream, which approached $800 million in ARR by late 2024 with no separate reporting for ForgeRock as of 2025.

Global Operations and Employees

ForgeRock was headquartered in , , at 201 Mission Street, Suite 2900. The company maintained a global footprint with over 10 office locations by 2022, including sites in such as ; , ; and ; in Europe such as and in the , in , and in ; and in the Asia-Pacific region such as and Melbourne, Australia. These offices supported operations across key markets, with a brief expansion into additional sites like those in and noted around that period. The company's workforce expanded significantly from its early years as a startup founded in 2009, reaching 923 employees by December 2022. This growth reflected ForgeRock's scaling in identity management solutions, with roles distributed across engineering, sales, and customer support functions to drive product development and global . ForgeRock adopted a remote-friendly operations model following the in 2020, allowing most employees to work from home while maintaining optional access to physical offices. The company emphasized growth in the (APAC) and , , and (EMEA) regions, where demand for customer identity and access management (CIAM) solutions was particularly strong in sectors like and . In August 2023, completed its acquisition of ForgeRock for approximately $2.3 billion and integrated the company into , absorbing ForgeRock's workforce into Ping's existing structure of over 2,000 employees to form a combined entity focused on comprehensive identity security. Following the merger, select ForgeRock locations were retained to support ongoing research and development efforts for both product portfolios.

References

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