Thycotic Continues to Deliver Record Breaking Sales Growth in Q2 2018
Written by Jordan True July 17th, 2018
Stellar Quarter Driven by Strong Adoption of Innovative PAM Technology, High Customer Satisfaction and Analyst Recognition
WASHINGTON, D.C., July 17, 2018 — Thycotic, provider of privileged account management (PAM) solutions for more than 7,500 organizations worldwide, completed a highly successful quarter – setting a higher benchmark in terms of new customer acquisition, existing customer satisfaction and growth in the number of employees in Q2 2018. This quarter was led by the 46 percent year-of-year sales growth Thycotic garnered from its strong, continued disruption in the PAM market.
“Thycotic continues to be a leader in the PAM market and it’s evident in the deals we are winning,” said James Legg, CEO at Thycotic. “Organizations of all sizes trust our technology, and this is backed up by the growing number of competitive wins for our on-premises and cloud PAM solutions. Breaches through privileged accounts are still on the rise, and as this happens, it’s great to see companies choosing us as their PAM vendor of choice.”
Highlights from the company include:
- Sales and Booking Growth:
- Forty-six percent year-over-year sales growth in Q2 2018
- In the first half of 2018, Thycotic achieved:
- 121 percent YoY growth in its Privilege Manager bookings
- 111 percent YoY growth in its cloud subscription bookings
- Customer Success and OEM Agreement:
- Added more than 200 new customers
- Achieved a 94 percent maintenance renewal rate over the last 12 months
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- Entered into an original equipment manufacturing (OEM) agreement with IBM Security
- Awards and Recognitions:
- Chosen as the top pick by Cyber Management Alliance’s PAM Leaderboard Report
- Thycotic members named to CRN’s 2018 Women of the Channel list
- Secret Server 10.4 named Fortress Cyber Security Award winner for Authentication and Identity
- Secret Server named Innovative Product of the Year – Threat Detection for the 2018 Cyber Security Awards
- New Product and Downloads:
- Least Privilege Discovery Tool – a standalone tool that enables organizations to raise awareness and justify a least privilege policy
- More than 1,700 Secret Server trials and 12,000 downloads of content from the Thycotic website
- Delivery of Industry Reports, including:
As part of a great quarter, Thycotic published shocking results from its 2018 Global Channel Survey Report, highlighting that 74 percent of solution provider clients have suffered a breach in the past 12 months. Among those experiencing a breach, 55 percent did not act to fully remediate the cause of the breach and nearly one in five clients (18 percent) did not seek any remediation to prevent a breach from recurring. This report paints a picture of how rampant privileged account breaches are and gives companies the tools needed to secure their organization.
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