By Jordan True
Thycotic, a provider of privileged account management (PAM) solutions for more than 7,500 organizations worldwide, today announced record quarter results as it wrapped up Q2 2017. In this quarter alone, the company added 210 new enterprise customers and completed its strongest quarter in company history with 60 percent revenue growth. For the past 13 consecutive quarters, Thycotic has held the distinction of consistent revenue growth and profitability emphasizing the superior customer satisfaction it offers to its vendors and customers.
“Since joining Thycotic as its CEO, it’s been my continued goal to propel this company to the next level,” said James Legg, CEO at Thycotic. “Reviewing our performance from this last quarter, we as a company have helped more customers dramatically improve their IT Security which has helped us to grow our revenue numbers. As we enter Q3, I look forward to working with our talented team, customers, and partners to successfully build on this momentum for the second half of the year.”
Highlights of Thycotic’s Q2 performance in 2017 include:
- Revenue Growth:
- Increased YoY revenue by 60 percent and increased track record of profitability for the thirteenth consecutive quarter.
- Customer Success:
- Added 210 new customers in Q2
- Maintained 96 percent maintenance renewal rate through customer satisfaction.
- Product Innovation:
- Unveiled Privileged Behavior Analytics (PBA), a cloud-based machine learning technology that analyzes privilege account behavior within Secret Server.
- Launched Free Browser Stored Password Discovery Tool, a fast, free tool that gives IT security professionals an easy way to identify browser-stored passwords. The tool has been downloaded by 700 IT security professionals worldwide.
- Released Privilege Ready Program partner ecosystem, which supports more than 20 security vendors to organize their existing IT infrastructure.
- Industry Recognitions:
- KuppingerCole named Thycotic as an overall leader in its 2017 Privilege Management report.
- Ranked No. 15, three spots ahead of its ranking last year, on Cybersecurity Ventures’ 11th annual Cybersecurity 500 list.
- Released a new PAM for Dummies Book in conjunction with Wiley Publishing, which was read by more than 2,500 IT Professionals worldwide.
- Received a 5-Star Rating in The Channel Company‘s 2017 Partner Program Guide.
- Named American Business Awards winner of the Bronze Stevie Awards for the Fastest Growing Tech Company of the Year.
- Becca Stucky, Senior Director of Demand Generation and Programs and Katie McCroskey, Senior Manager E-Learning and Knowledge Management at Thycotic were both acknowledged as two leading Women of the Channel by CRN Magazine.