What they do. FORG “a unified and extensive identity platform to enable enterprises to provide exceptional digital user experiences without compromising security and privacy.”
FORG generates losses, but their ARR to loss is a nice 3:1. “In the same periods, we incurred net losses of $36.9 million and $41.8 million. Our non-GAAP operating loss as a percent of revenue was (32)% and (20)%.”
Like a lot of public SaaS we see, sales are global. “46% of our revenue for the six months ended June 30, 2021 was generated from customers located in Europe, the Middle East and Africa, or EMEA, and the Asia-Pacific, or APAC, region.”
Half of new customers comes from partnerships. “Our alliances, including global strategic consulting firms and global systems integrators, or GSIs, such as Accenture, Deloitte, and PwC, often promote our platform as part of large-scale digital transformation projects they drive by identifying opportunities in which our platform can help accelerate business initiatives and improve user experience. We also partner with leading regional consulting firms and implementation partners. For the year ended December 31, 2018, 2019, and 2020, 15%, 31%, and 44%, respectively, of our new ARR was sourced through leads originated from our partners.”
Net dollar retention is 113%. “Our land-and-expand strategy has underpinned a consistently strong dollar-based net retention rate, which was 113% for the quarter ended June 30, 2021, up from 105% for the quarter ended March 31, 2019. Our top 25 customers measured by ARR as of June 30, 2021 have increased their ARR by more than two-and-a-half times (2.5x) following their initial purchase. We expand our relationships with customers as they purchase more identities, add more use cases across consumer, workforce, and IoT and services, subscribe to additional product offerings, and add additional deployment options such as our SaaS offering.”
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