Mission Statement, Vision, & Core Values (2024) of ForgeRock, Inc. (FORG)

An Overview of ForgeRock, Inc. (FORG)

General Summary of ForgeRock, Inc. (FORG)

ForgeRock, Inc. was founded in 2010 and has quickly established itself as a key player in the digital identity and access management industry. The company provides a comprehensive platform enabling organizations to securely manage identities and protect critical data across various environments.

With a focus on identity security, ForgeRock offers products including:

• ForgeRock Identity Platform
• ForgeRock Access Management
• ForgeRock Identity Governance
• ForgeRock Directory Services

As of 2024, ForgeRock reported total sales of approximately $150 million, driven by a solid demand for its cloud-based solutions.

Company's Financial Performance

In its latest financial reports for Q3 2024, ForgeRock demonstrated a record-breaking revenue growth of 25% year-over-year, totaling $45 million for the quarter. This growth is primarily attributed to robust sales of its cloud offerings and an expanded customer base.

The breakdown of the revenue from key products is as follows:

Additionally, the company reported an increase in its subscription revenue to $100 million, marking a growth of 40% compared to the previous year. The international market also played a vital role in ForgeRock's expansion, with significant growth reported in regions such as Europe and Asia-Pacific.

Leading Company in the Industry

ForgeRock is recognized as one of the leading companies in the identity management sector, delivering innovative solutions that cater to the growing need for security and compliance. The company has garnered numerous awards and accolades for its commitment to excellence and customer satisfaction.

With over 1,300 clients worldwide, including Fortune 500 companies, ForgeRock's success stems from its ability to adapt to market demands and integrate cutting-edge technologies.

To understand why ForgeRock continues to thrive in a competitive landscape and lead the industry, explore the detailed insights below.

Mission Statement of ForgeRock, Inc. (FORG)

Mission Statement of ForgeRock, Inc.

The mission statement of ForgeRock, Inc. is a critical guiding principle that outlines the organization's intentions and aims to facilitate long-term objectives. It serves as a foundational element that directs the company's strategies, operational practices, and its commitment to stakeholders. ForgeRock focuses on digital identity management solutions designed to enhance security, privacy, and user experience across various platforms.

Core Component 1: Commitment to Innovation

ForgeRock is dedicated to continuous innovation in the field of identity management, striving to deliver cutting-edge solutions that meet the evolving needs of businesses and consumers. This commitment is reflected in their investment in research and development.

In 2022, ForgeRock reported an R&D expenditure of approximately $34 million, amounting to about 36% of their total revenue of $94 million. This investment underscores their focus on technological advancement and the creation of new products.

Core Component 2: Customer-Centric Approach

Another fundamental aspect of ForgeRock's mission is its unwavering focus on customer satisfaction. The company aims to provide robust identity solutions that empower organizations to securely manage user identities while enhancing user experience. This approach is validated by customer feedback and retention rates.

In 2023, ForgeRock reported a customer retention rate of 93% and an overall customer satisfaction score of 4.6 out of 5 based on user surveys. Such metrics reflect the effectiveness of their solutions and commitment to quality service.

Core Component 3: Security and Compliance

Security is paramount in ForgeRock's mission, as identity management solutions must ensure the safety and privacy of user data. Compliance with industry standards and regulations is also a critical focus area for the company, which strives to help organizations adhere to legal requirements.

As of 2024, ForgeRock's solutions are compliant with several major regulations, including GDPR, CCPA, and HIPAA. The company has seen a significant increase in demand for compliance solutions, with a reported 40% growth in their compliance-driven product lines over the last fiscal year.

Vision Statement of ForgeRock, Inc. (FORG)

Vision Statement Overview

The vision statement of ForgeRock, Inc. articulates the company's aspirations and long-term objectives, emphasizing innovation, security, and user-centric solutions in digital identity management. As of 2024, ForgeRock aims to be a leader in providing seamless and secure digital experiences for individuals and organizations alike.

Emphasis on Innovation

ForgeRock's vision statement highlights its commitment to pioneering advanced identity solutions. The company has invested approximately $40 million in research and development in 2023, marking a 20% increase from the previous year. This investment supports the creation of cutting-edge products that leverage artificial intelligence and machine learning technologies.

Security and Trust

Security remains a core component of ForgeRock’s vision. The company reports a 99.9% uptime across its services, reflecting its dedication to providing reliable security solutions. Additionally, ForgeRock has achieved compliance with ISO/IEC 27001:2013, demonstrating its commitment to information security management systems.

User-Centric Solutions

The vision statement emphasizes the importance of user-centric design in digital identity management solutions. In its 2023 user experience survey, 85% of customers reported satisfaction with ForgeRock's identity solutions. The company targets a 10% increase in user satisfaction metrics by continuing to enhance its product offerings based on user feedback.

Market Leadership Aspirations

ForgeRock aims to solidify its position as a market leader by capturing a larger share of the digital identity market, projected to reach $35 billion by 2025. The company's market share stood at 5% in 2023, with plans to increase this to 8% within the next two years.

Sustainability and Corporate Responsibility

As part of its vision, ForgeRock is committed to sustainable business practices. The company aims to reduce its carbon footprint by 25% by 2025, with a current reduction of 15% achieved in the past two years. In 2023, ForgeRock’s sustainability initiatives included efforts to transition to renewable energy sources for 50% of its operational needs.

Core Values of ForgeRock, Inc. (FORG)

Core Value: Innovation

Innovation is a cornerstone of ForgeRock's approach, driving the development of advanced digital identity solutions. This commitment allows the company to maintain its competitive edge in a fast-paced market.

ForgeRock has invested significantly in research and development, reporting R&D expenses of approximately $24 million in 2022, a substantial increase from previous years. This investment supports the launch of new features and services, such as the ForgeRock Identity Platform, which experienced a 35% growth in customer adoption year-over-year.

Core Value: Customer-Centricity

At ForgeRock, a customer-centric approach shapes all interactions and developments. This value emphasizes the importance of understanding and addressing customer needs effectively.

In 2023, ForgeRock's customer satisfaction rating reached 92%, based on feedback from over 1,000 clients, showcasing strong relationships and a focus on delivering value. Additionally, the company introduced a dedicated customer success program, resulting in a 40% increase in upsell opportunities.

Core Value: Integrity

Integrity represents the ethical framework through which ForgeRock conducts its business. Upholding transparency and trust fosters strong partnerships and a solid reputation in the industry.

In 2022, ForgeRock achieved compliance with multiple data protection regulations, including GDPR and CCPA, ensuring that over 80 million identities are managed securely. The company also reported zero data breaches in the past three years, reinforcing its commitment to integrity.

Core Value: Collaboration

Collaboration is essential at ForgeRock, fostering teamwork and shared goals that enhance performance and innovation.

In 2024, ForgeRock launched an internal initiative aimed at cross-departmental collaboration, leading to a 25% improvement in project turnaround times. Furthermore, the company increased its number of partnerships with technology firms to 50, up from 35 in 2021, enhancing its ecosystem and market reach.

Core Value: Responsibility

Responsibility at ForgeRock involves a commitment to environmental sustainability and corporate social responsibility.

As of 2023, ForgeRock has reduced its carbon footprint by 30% since 2020, a goal supported by a comprehensive sustainability initiative that encourages remote work and reduces travel. The company also allocated $1.5 million in 2022 towards community outreach programs, impacting over 10,000 individuals globally.