Whenever you invest in or join a company, there’s always the aspiration to grow its go-to-market, team and technology to the place that you can stand on the stage of the stock exchange and ring the opening bell for their IPO. As someone who has done it a few times, there is no excitement quite like it.
That’s why I’m so thrilled today for the ForgeRock team. ForgeRock launched in 2010 to build a better future where people could more simply and safety access the connected world. That mission is more critical than ever today in our hyper connected world and their IPO is another important step towards furthering that mission.
I’ve had the privilege of seeing the ForgeRock growth story first-hand since joining the board in early 2017 as Vice Chairman. I joined because saw the opportunity that digital transformation posed to businesses then (and today) and recognized that identity would be one of the major roadblocks for organizations to secure and maximize their digital potential. We needed to fix identity on the Internet – for everyone.
The proof of the need played out in a big way over the past year. As many employees around the world moved remote due to COVID-19, companies needed to digitally transform their businesses. And they needed to do it quickly. ForgeRock was able to help its customers seamlessly transition their digital experiences across workforce, consumer and IoT in a super secure way. This trend will continue as many companies embrace a long-term hybrid workforce.
At NightDragon we look for areas where the gap between offense and defense is the greatest. Identity management is certainly one of those areas, especially in our accelerated remote world. Then we look for companies with the technology and team to go after this total addressable market.
ForgeRock was clearly one of those companies and we have been proud to work with them for the past four years to achieve their maximum potential by supporting and expanding their leadership team, including the addition of CEO Fran Rosch, helping them transition to a subscription model and bringing in new investors to support growth.
Going public is an important milestone in continuing this growth, especially against incumbent competitors. While the team has already accomplished an incredible amount, including annualized recurring revenue growth of 30% YOY as of June 30, 2021, growing the team to 750+ and 1,300+ customers, there is much more opportunity ahead. I look forward to seeing what the next decade will bring with the increased visibility and resources of a public company.
A huge congratulations is due to Fran and the entire ForgeRock team. Great companies aren’t built in isolation – they’re built by great people that drive towards the mission and support their customers. That certainly happened in this case, and your hard work, dedication and commitment should be commended! I can’t wait to see what you do next!