Does ForgeRock still exist as an independent company?

No. Thoma Bravo completed a ~$2.3 billion take-private acquisition of ForgeRock on August 23, 2023, and immediately merged it into Ping Identity, another Thoma Bravo portfolio company. ForgeRock products now carry Ping branding, such as PingAM and PingOne Advanced Identity Cloud.

Is ForgeRock (now Ping Identity) profitable?

As standalone ForgeRock, 2022 revenue was $218 million with a $66 million net loss. Post-merger, Thoma Bravo states the combined Ping Identity plus ForgeRock entity was quickly approaching $1 billion in annual recurring revenue with significant free cash flow as of June 2025, per the company's own claim.

Who owns ForgeRock now?

Private equity firm Thoma Bravo owns ForgeRock, having taken it private for ~$2.3 billion in an all-cash deal that closed August 23, 2023, and merged it into Ping Identity, which Thoma Bravo had itself taken private in October 2022 for ~$2.8 billion.

Could AI replace ForgeRock/Ping Identity's business?

Unlikely to replace it directly. Identity management is regulation heavy and deeply integrated into Fortune 100 infrastructure. AI is instead creating new demand: enterprises reportedly had 144 non-human identities per employee in early 2026, up from 92 to 1 in mid-2024, and Ping shipped 'Identity for AI' on March 24, 2026 to govern AI agent identities.

Who is ForgeRock/Ping Identity's biggest competitor?

Microsoft's Entra ID, bundled into Microsoft 365 and Azure, is taking share at the commodity end of identity management as of mid-2026. Okta is also a direct rival, especially as both companies race to define standards for governing AI agent identities.

What happens to ForgeRock customers when support ends in April 2027?

ForgeRock's 7.5 long-term support release reaches end of support in April 2027, per a WSO2 analysis dated April 2026, forcing self-managed customers to either upgrade to Ping's cloud platform or migrate to competitors like Okta, Microsoft Entra, or WSO2.

Cybersecurity companies · absorbed · United States

ForgeRock

forgerock.com ↗

Identity platform now absorbed into Ping Identity, handling logins and access for big companies.

Defensible for now

Assessed 21 July 2026 · Evidence as of 21 July 2026

Real protection, with named pressure against it.

On the recordSince 21 July 2026 · Checkable from April 2027 · Every call on the record Checkpoint: ForgeRock 7.5 end-of-support cliff forces customers to migrate off legacy systems

The call

ForgeRock no longer exists as its own company, folded into Ping Identity, which is profitable and entrenched but faces a 2027 forced-migration moment that could send customers to rivals instead of upgrading.

Ping Identity manages how companies verify and control who accesses their systems and data, especially for banks and government agencies that need strict compliance. It is hard to replace because these regulated customers have it deeply woven into their operations, use it across multiple cloud providers at once, and face legal requirements around security. However, a major deadline in April 2027 will force customers using the old ForgeRock software (which Ping acquired) to move to Ping's cloud version, and if those customers pick Microsoft or another rival instead, Ping could lose significant revenue despite its strong market position.

Why

AI pressure: Agentic AI identity standards (DNSid, hyperscaler-native agent identity). AI agents need machine identities, not human ones, so this creates demand now but hyperscalers could build native versions and cut Ping out later. Could AI do the core job? Unlikely.

Bigger players: Microsoft Entra ID. Entra ID is bundled free into Microsoft 365 and Azure, and is already winning the low-end, commodity identity deals away from Ping. Could a giant copy it? Probably.

What protects it. Regulated, on-prem, multi-cloud-neutral setups that 60% of the Fortune 100 rely on, which Microsoft's cloud-first Entra ID does not cleanly replace.

What would change this call

Public case of a Fortune-100 account replacing Ping/ForgeRock with Microsoft Entra ID. Would show Microsoft breaching Ping's regulated/on-prem moat, not just commodity edge.
Post-April 2027 data on where ForgeRock 7.5 customers migrate: PingOne versus Okta/Entra/WSO2. Determines whether the end-of-support cliff is a revenue tailwind or a churn event.
Announcement of a Thoma Bravo exit process (IPO, sale, or refinancing) for Ping Identity. Signals confidence in the combined entity's stability and valuation.

Key numbers

Combined ARR nearing $1 billion (2025-06-05)
60% of Fortune 100 use Ping Identity (2025-06-05)
Headcount grew 49.9% to ~2,480 employees (2025-12-31)

Named risks

April 2027 ForgeRock end-of-support could push customers to competitors instead of PingOne. Severity: high
ForgeRock to Ping product rebranding still incomplete as of May 2026, risking customer confusion. Severity: medium
Microsoft Entra ID bundling commoditizes baseline identity management pricing. Severity: medium
Unconfirmed late-2025 data breach report could add reputational or regulatory exposure if verified. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Microsoft (Entra ID)	gaining on	Entra ID bundled into M365/Azure erodes commodity IAM tier, per mid-2026 comparisons
Okta	contesting	Both racing to define agentic and non-human identity standards through 2026
WSO2 and Entra	contesting	April 2027 ForgeRock 7.5 end-of-support could push migrations away from Ping
IBM Security Verify	contesting	Remains alongside Ping as heritage enterprise CIAM tier after 2026 market consolidation

Questions people ask

Does ForgeRock still exist as an independent company?: No. Thoma Bravo completed a ~$2.3 billion take-private acquisition of ForgeRock on August 23, 2023, and immediately merged it into Ping Identity, another Thoma Bravo portfolio company. ForgeRock products now carry Ping branding, such as PingAM and PingOne Advanced Identity Cloud.
Is ForgeRock (now Ping Identity) profitable?: As standalone ForgeRock, 2022 revenue was $218 million with a $66 million net loss. Post-merger, Thoma Bravo states the combined Ping Identity plus ForgeRock entity was quickly approaching $1 billion in annual recurring revenue with significant free cash flow as of June 2025, per the company's own claim.
Who owns ForgeRock now?: Private equity firm Thoma Bravo owns ForgeRock, having taken it private for ~$2.3 billion in an all-cash deal that closed August 23, 2023, and merged it into Ping Identity, which Thoma Bravo had itself taken private in October 2022 for ~$2.8 billion.
Could AI replace ForgeRock/Ping Identity's business?: Unlikely to replace it directly. Identity management is regulation heavy and deeply integrated into Fortune 100 infrastructure. AI is instead creating new demand: enterprises reportedly had 144 non-human identities per employee in early 2026, up from 92 to 1 in mid-2024, and Ping shipped 'Identity for AI' on March 24, 2026 to govern AI agent identities.
Who is ForgeRock/Ping Identity's biggest competitor?: Microsoft's Entra ID, bundled into Microsoft 365 and Azure, is taking share at the commodity end of identity management as of mid-2026. Okta is also a direct rival, especially as both companies race to define standards for governing AI agent identities.
What happens to ForgeRock customers when support ends in April 2027?: ForgeRock's 7.5 long-term support release reaches end of support in April 2027, per a WSO2 analysis dated April 2026, forcing self-managed customers to either upgrade to Ping's cloud platform or migrate to competitors like Okta, Microsoft Entra, or WSO2.

Timeline

2026-06-16Ping extends Runtime Identity for AI agents across AWS, Google Cloud, and Cloudflare
2026-05-27Ping ships AI-first headless interfaces and agent-ready skills for agentic enterprise
2026-03-24Ping Identity for AI reaches general availability, governing AI agents as identities
2025-12-31Ping Identity closes acquisition of biometric authentication firm Keyless
2025-10-30Ping Identity announces Keyless acquisition, framed as AI impersonation defense
2023-08-23Thoma Bravo completes ForgeRock acquisition, merges it into Ping Identity
2022-10-11Thoma Bravo agrees to acquire ForgeRock for $23.25 per share, ~$2.3 billion
2022-10-01Thoma Bravo takes Ping Identity private for ~$2.8 billion
2010-02ForgeRock founded in Norway by former Sun Microsystems engineers

Revision history

21 July 2026

First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.

In the same band

SK Shieldus Tencent Security Systex Corporation