(Reuters) -Shares of ForgeRock Inc jumped over 40% in their New York Stock Exchange debut on Thursday, giving the digital identity management company a valuation of about $2.8 billion. Shares of the company opened at $35, compared with their initial public offering price of $25 per share, showing strong investor interest in fast-growing security companies. Distributed workforce and increased cyberattacks on businesses during the pandemic have pushed up demand for digital security solutions, helping drive growth for companies like ForgeRock that provides tools and software against such threats. ForgeRock reported $84.8 million in revenue for the six months to June 30, a 53% year-over-year jump, with a net loss of $20.1 million for the period. Over 96% of its revenue comes from subscriptions and nearly half of it is generated outside the U.S.“Digital transformation is happening so quickly and even accelerated during COVID-19, we’re seeing more workers and managers online, whether it’s healthcare, financial services or the public sector,” said Fran Rosch, chief executive at ForgeRock. The San Francisco-based company provides identity and access management solutions for consumers, workforce and internet of things devices. It competes with Okta Inc, which acquired consumer identity management firm Auth0 in a $6.5 billion deal earlier this year. ForgeRock has more than 1,300 customers, most of them are large enterprises, including Standard Chartered Plc, Maersk, Philips and Toyota Motor Corp. It sold 11 million shares in IPO, raising about $275 million. Its IPO was priced above its earlier targeted price range of $21 and $24 per share. The company plans to use the proceeds to invest in artificial intelligence to detect unusual behaviors and cloud-base solutions, as well as pursuing acquisitions, said Rosch. Prior to its IPO, ForgeRock has raised over $230 million in growth capital from investors, including Accel, KKR & Co and Riverwood Capital. Morgan Stanley and J.P. Morgan were the lead underwriters for the offering.