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Accel and KKR back an Okta challenger

ForgeRock, a seven-year-old company that sells "identity management" tools to other businesses, has raised $88 million in new venture capital funding. Accel led the round, and was joined by KKR and return backers Meritech Capital Partners and Foundation Capital.

Identity management: ForgeRock and its competitors sell cloud-based tools that let businesses manage employee access of software and devices.

Next in IPO line? The new funding brings ForgeRock's total to $140 million, and comes five months after rival Okta went public. In fiscal 2016, ForgeRock says it generated north of $100 million in revenue, which is more than the $85.9 million Okta did in the same period (the former hasn't disclosed a profit or loss, however).

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