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ForgeRock, Inc.

forgerock.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2023 10-Q, filed Aug 8, 2023. Its latest SEC filing is a 15-12G from Sep 5, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Sells software that helps enterprises manage identities and secure access for consumers, employees, partners, devices, and digital services.

How Did They Make Money?

Most revenue comes from software subscriptions and support, generally invoiced annually upfront, while access and support are provided over the contract term. Consulting and training revenue is tied to delivery, and fixed-fee cloud onboarding to completed milestones.

FY2022 revenue

Who Were Their Customers?

ForgeRock sells mainly to large global enterprises through its direct sales teams, while resellers, systems integrators, managed service providers, and original equipment manufacturers can also refer sales or contract with end users.

Did Revenues Turn Into Profits?

No. It lost $66.3M in FY2022.

Operating income, FY2022
−31% of revenue
▲ +134% (Loss) vs FY2021 (−$28.4M, −16%)
Net income, FY2022
−30% of revenue
▲ +39% (Loss) vs FY2021 (−$47.8M, −27%)
Free cash flow, FY2022
−21% of revenue
▲ +23% (Loss) vs FY2021 (−$37.9M, −21%)

How Were They Changing?

Since the FY2022 annual report
Latest quarter: Q2 FY2023, the three months to Jun 30, 2023
Revenue
▲ +22%
vs $47.7M in Q2 FY2022
Net income
▲ +29% (Loss)
vs −$22.4M in Q2 FY2022
  • Aug 23, 2023 Thoma Bravo completed its acquisition and combined ForgeRock with Ping Identity ForgeRock shareholders received $23.25 per share in cash, and the stock was delisted from the New York Stock Exchange.

Grew. Revenue grew 2.1x in 3 years, from $104.5M in FY2019 to $217.5M in FY2022, about 28% a year.

Who Did They Compete With?

Competes with CA Technologies, IBM, Oracle, Okta, Ping, SailPoint, and Microsoft

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