Thycotic’s Record-Breaking Growth Continues in Q1 2019

Written by Jordan True

April 11th, 2019

WASHINGTON, D.C., April 11, 2019 — Thycotic, a provider of privileged access management (PAM) solutions to 10,000 organizations worldwide, today announced that it has ended its Q1 of 2019 with a historic 643 percent year-over-year growth for cloud sales. The spike in cloud adoption was driven by strong product adoption, analyst recognition, high-customer satisfaction and Thycotic’s innovative Secret Server Cloud solution.

“Not many companies can talk about their growth in cloud in such a way that Thycotic can, which is backed by a strong close to our quarter,” said James Legg, president and CEO of Thycotic. “The reality is, Thycotic customers fully trust Thycotic’s PAM cloud solution to protect access to their most sensitive assets across their business. We pride ourselves on the growing number of organizations that fully utilize Secret Server Cloud in comparison to our competitors.”

In addition to its achievement in cloud sales, Thycotic has also seen an overall success in its year-over-year sales in Q1 2019.

Additional highlights from the company include:

Overall Growth in Sales, Customers and Bookings:
- 60 percent year-over-year sales growth in Q1 2019
- 252 percent year-over-year growth in its Privilege Manager bookings
- 643 percent year-over-year growth in cloud subscription bookings
- Added more than 234 new customers
- Achieved a 93 percent maintenance renewal rate
Awards and Recognitions:
- Earned leadership position in KuppingerCole’s Leadership Compass report for Privileged Access Management
- Recognized by Gartner as a Peer Insights Customer Choice for PAM
- Secret Server named as winner in the annual Cyber Defense Magazine Infosec Awards
- Thycotic honored with NorthFace ScoreBoard Award℠ for Outstanding Customer Satisfaction
- Thycotic was named a winner in four categories in the 15th Annual 2019 Info Security Products Guide Global Excellence Awards
- Secret Server Cloud took home Excellence Award from Cloud Computing Magazine
- Named Best Places to Work winner by Big Intelligence Group
- Recognized Vice President of Channel Sales for the Americas, Bob Gagnon, as 2019 CRN Channel Chief
New Products, Reports and Industry Publications:
- Launched Secret Server 10.6, enabling customers to benefit from enterprise-grade workflow support, advanced session recording and multi-factor authentication options with Yubico’s Works with Yubikey program
- Released Least Privilege Cybersecurity for Dummies eBook
- Delivered groundbreaking IT Security Professional Survey Report on image problems