The final point of confusion is around ForgeRock's identity as a SaaS company. Despite statements in the S-1 filing about being a "next-generation cloud identity company," ForgeRock is a new entrant into that specific market. The initial version of its Identity Cloud Platform was launched in November 2019, a decade after Okta's debut as a cloud identity product and two years after Okta's IPO. The "enterprise-grade" SaaS offering debuted in September 2020.