CyberArk’s latest preliminary earning report and investor reactions show they’re starting to lose sight on what the market is looking for.
For years CyberArk has been the biggest and, in many cases, the only player in the Privileged Account Management space. When you’re one of the first to market, it gives you a lot of strength to command the market as you see fit. Without strong competition, you’re allowed to charge whatever you want and implement however you want. Given that privileged account security solutions are in such high demand, as long as your business can educate the buyer on their needs, then they have no other option than to buy from you.
However, now we live in a world of fast paced business decisions, lightning fast response times, and immediate gratification; and CyberArk is starting to feel the effects of that.
Q2 preliminary reporting by CyberArk is out in the wild. It appears they’re going to miss their 2017 Q2 revenue projection substantially, and it looks like investors are not too thrilled about this.
Let’s look at the Q2 2017 difference:
The Q2 press releases from each company paint a very different story to one another. Thycotic is picking up steam as we continue to build upon and back the initiative as being the Best Value on the market for Privileged Account Management security.
Where did all this start?
History shows that complexity kills
The history of information technology is littered with examples of instances where complexity literally killed major IT projects.
CyberArk is losing touch with the market because the days of complex IT security deployments are over and many of the large IT companies that provide them have been struggling to face this reality, year over year. Especially with the greater adoption of things like Cloud computing and virtualization.
In a faster moving world, organizations need systems that can:
- Rapidly change to meet their needs as they evolve
- Deploy immediately, and prove investment return
CyberArk has long been hailed as the king of complex Privileged Account Management solutions, but organizations are starting to realize that there are better alternatives available. Evidence of this complexity? CyberArk’s annual 20-F SEC filing for 2016.
~40% of CyberArk’s annual revenue for 2016 came from Maintenance and Professional Services fees. This is a MASSIVE re-occurring cost to businesses that displays just how complicated their systems are. While professional services can be important for complex deployments, we often hear that Cyberark technology is complex, cumbersome and requires professional services. Many of their former customers explain that they couldn’t upgrade or even write a custom script without paying for CyberArk’s professional services.
Companies do not have the time nor resources to spend waiting around for a vendor to finish billing them before accomplishing an important task. IT and Security organizations MUST move quickly and without hesitation.
That’s where Thycotic prevails
We’ve been disrupting the market for years. Our growth in revenue, market share, and analyst reviews are evidence of this disruption. Thycotic was built on the foundation that Cyber Security practices MUST be simple otherwise they will not be implemented, used effectively, nor deliver the expected results. Thycotic tries to deliver technology that makes everything you NEED to do easy, and everything you WANT to do possible. That has been our development mantra since the beginning.
Privilege Account Management Selection Criteria
Cyber Security, especially around Privileged Account Management, is critical to the security and success of every single organization across the world. We are seeing tremendous opportunity every quarter, and it is why we are able to post Year over Year revenue growth of 60%+. We have seen acceptance in the international space, as well, through our extremely large partner ecosystem spanning North America, EMEA, and APAC regions. Every quarter Thycotic brings on more partners that are excited to work with a company that provides a “partner-first” mentality. If our partners are not successful, we will not be successful.
Staying at the forefront of needs
The Market is changing, and so are the needs of organizations.
Gartner States that “By 2019, 30% of new PAM purchases will be delivered as a service or run in the cloud (up from less than 5% today)”. Which is why, in 2016, Thycotic released Secret Server Cloud, or SaaS Privileged Account Management Solution. Thycotic continues to stay in touch with the demands of the market, and staying ahead of the game when it comes to innovation.
Try it for yourself
Please don’t take our word for it. We encourage you to experience the difference by downloading a free trial at: www.thycotic.com