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Digital Identity Startup ForgeRock Taps Banks for IPO

Katie Roof and Liana Baker
·1-min read

(Bloomberg) -- ForgeRock Inc., a maker of identity-verification software, is working with banks on an initial public offering this year, according to people familiar with the matter.

The San Francisco-based company is working with Morgan Stanley on an IPO, which could come as early as the third quarter, the people said, asking not to be identified because the matter is private.

ForgeRock could seek a valuation of $3 billion to $4 billion, or possibly higher, one of the people said.

ForgeRock’s plans aren’t final and the timing and details of its potential listing could change.

Representatives for ForgeRock and Morgan Stanley declined to comment.

The IPO market has been hospitable to enterprise software firms, which make most of their money selling their products to other companies. Automation software maker UiPath Inc. has risen 32% from its IPO price last month.

ForgeRock competes with Okta Inc., a public company that also makes security software to support workers who need to access corporate systems. Okta’s shares have climbed 1,336% since an IPO in 2017 and it’s now valued at about $37 billion.

In April of 2020, ForgeRock said it raised $94 million in a funding round that included investors such as Riverwood Capital, Accel, Meritech Capital Partners, Foundation Capital and KKR Growth, a unit of KKR & Co.

ForgeRock generated more than $100 million in revenue, according to a statement at the time. It was valued at more than $767 million in that round and has raised about $273 million to date, according to data provider PitchBook.

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