ForgeRock, a digital identity management solutions provider, on April 21, 2020, declared that it was successful in raising USD 93.5 million in equity. The company further plans to use this amount for R and amp;D, cloud infrastructure, promotion of new and existing solutions, global sales, and Artificial Intelligence (AI) tools.
As per CEO Fran Rosch, the Series E funding is projected to help the ForgeRock (a San Francisco-based company) implement a self-learning AI (Artificial Intelligence) model with the potential to free customer personnel to inspect highest-risk requests to access applications. He added, the company has managed to raise more than USD 230 million since the time it was established around a decade ago, and the latest round is led by Riverwood Capital.
Rosch also mentioned that this was a significant market opportunity for partners to be a part of it.
ForgeRock is focused on simplifying customer migration from outdated or homegrown identity systems to a modern version of an identity platform. Additionally, he mentioned that the company could decrease manual work from customers by 80%.
The CEO further specified the cloud perspective where the company aims at providing customers with the option to run ForgeRock in a public cloud of their choice, private cloud, or even by leveraging their own identity SaaS (Software-as-a-service) by deploying the same code. According to Rosch, this further offers large enterprises the agility and freedom of choice to manage their own migration to the cloud.
As around 50% of the company’s business is outside the States, the ForgeRock architecture permits data sovereignty and information to reside locally. Rosch also mentioned that the Series E funding would be devoted to its ongoing move to the cloud and SaaS platforms to provide customers and partners with an eased-out integration process.
As per Rosch, from a go-to-market perspective, the company intends to hire talent dedicated to the channel and is also looking forward to creating tools and content for partners. The CEO also mentioned that the identity management company aspires to ease out the process for large organizations in order to work with system integrators such as Deloitte, PwC, and Accenture along with a long list of boutique consultancies to develop a strategy to strengthen digital transformation and identity.
Nulli Identity Management CEO Derek Small said, “ForgeRock is kind of the Swiss Army knife of identity management at this point.” He added, “They solve really complex problems for clients.”