Thycotic Announces Record-Breaking Revenue and Growth for Q3 2015Thycotic Announces Record-Breaking Revenue and Growth for Q3 2015
IT security company focused on privileged account management highlights 50% year-over-year growth, all-time quarterly revenue high and more than 400 new customers
October 7, 2015
October 7, 2015 – Washington, D.C. – Thycotic, a provider of privileged account management (PAM) solutions for over 3,500 organizations world-wide, today announced highlights from its Q3 2015 financial results, including a record-breaking 50% percent increase in compound annual growth from Q3 2014. Thycotic also added over 400 new customers and had the best month in company history in September, where it grew 85% and posted an all-time revenue high.
“Thycotic is experiencing the fastest growth in the company’s 20-year history, and the reason for our success couldn’t be clearer,” said James Legg, President and COO. “Organizations across industries have realized that they must secure their privileged credentials if they want to avoid costly data breaches. IT admin usernames and passwords have increasingly become desirable targets for hackers, and Thycotic’s privileged account management software is the most secure, scalable, and affordable solution on the market today.”
The majority of today’s data breaches can be linked to privileged account abuse. According to an IANS study of cyber-attacks, more than 62% of security breaches have resulted from privileged account abuse. Further, Thycotic’s Black Hat 2015 survey showed that privileged account credentials are hackers’ favorite targets for gaining direct access to large amounts of critical data. As organizations have become increasingly aware of the need to secure their privileged credentials, Thycotic has emerged as the fastest-growing PAM provider worldwide.
“We've been using Thycotic Password Reset Server and Secret Server since 2014 to manage our privileged accounts, password management, and password reset needs,” says Josh Shofield, Senior Systems Engineer at Availity, an industry-leading, HITRUST-certified health care information technology company. “These products saved our staff hours of trouble with ticket work and increased the level of security on our systems exponentially. We can’t say enough about the Secret Server product and its ability to integrate with just about anything. With the use of APIs, scripting and automating is much, much easier now!”
Additional highlights from Q3 2015 include:
· Placement on Inc. 5000 list of fastest growing companies – Thycotic was named on the Inc. 5000 list of fastest growing companies for the third consecutive year. Thycotic placed #1646 on the list, rising more than 1,700 places since Thycotic first appeared on the list in 2013.
· Investment from Insight Ventures – Thycotic received a significant investment from New York-based private equity and venture capital firm Insight Venture Partners. The new capital will be used to fuel the company's continued global expansion and product innovation.
· Appointment of new President and COO James Legg, and CMO Steve Kahan – Legg and Kahan collectively have more than 50 years of experience guiding technology companies to accelerated, sustained growth.
· Announcement of Enterprise-grade scalability for PAM solution –Thycotic Secret Server 8.9 enables enterprises to achieve greater levels of speed, reliability and control when managing large-scale privileged account management deployments, regardless of the number of end users or their geographic locations.
“Being a family owned and operated convenience store chain, our mission is to meet the needs of our customers on the go, but that also means protecting their personal information at the source,” says Jason Rhykerd, Information Security Manager, at Sheetz. “That’s why we’ve partnered with Thycotic to protect and control privileged account credentials across our infrastructure and we’re pleased to see such tremendous growth from one of our security partners.”
Thycotic, a global leader in next-generation IT security solutions, delivers an indispensable, comprehensive Privileged Account Management (PAM) solution to protect your “keys to the kingdom” from cyber-attacks and insider threats. Unlike any other security offering, Thycotic Secret Server assures the protection of privileged accounts while being the fastest to deploy, easiest to use, scalable enterprise-class solution offered at a competitive price. Already securing privileged account access for more than 3,500 organizations worldwide, including Fortune 500 enterprises, Thycotic Secret Server is simply your best value for PAM protection. For more information, please visit www.thycotic.com.
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