WASHINGTON, April 11, 2017 /PRNewswire/ -- Thycotic, a provider of privileged account management (PAM) solutions for more than 7,500 organizations worldwide, has continued to maintain its impressive performance with 64 percent revenue growth and the addition of more than 170 new customers in Q1 2017 alone. In the last three months, the company has experienced an elevation in its channel partner success, customer satisfaction, product innovations and industry recognition.
"The start of a year can really determine how things will go, and judging by our Q1 things are looking excellent," said James Legg, President and CEO at Thycotic. "As a company, we have grown our revenue numbers, and improved on high customer satisfaction metrics. I am continuously proud of how everyone at Thycotic works together to consistently push the envelope to ensure with each quarter and year we improve in every level of our business."
Highlights of Thycotic's Q1 performance in 2017 include:
- Grew YoY revenue by 64 percent and increased YoY registered channel partner deals by 240 percent.
- Added more than 170 new customers in Q1 alone while breaking records of the adoption of new PAM Cloud solution with 500+ customers.
- Ninety-four percent maintenance renewal rates indicating superior customer satisfaction
- Product Innovation:
- Introduced, Secret Server & Privilege Manager for Windows version 10.1 an upgraded version that provides privileged password management for organizations. This 10.1 version tool ushers three new powerful features, which includes SSH Key Rotation, Mainframe Password Changing, Auto-Enable 2FA for AD Users.
- Reached 1500+ downloads since the introduction of Weak Password Finder for Active Directory a free tool that allows businesses to have access to an easier and faster way to find weak passwords and improve your security.
- Industry Recognition:
- 451 Research Group featured Thycotic's new Privilege Behavioral Analytics product and highlighted the power of this newest version.
- Business Intelligence Group selected Thycotic's Secret Server Cloud solution as a winner of the 2017 Big Innovation Awards.
- CRN Channel Chief recognized Bob Gagnon, VP of Channel Sales as 2017 CRN Channel Chief for 6th year in a row.
- TMC named Thycotic's Secret Server as a winner of the 2016 Network Security Excellence Award.
- Kathy Moore, CFO of Thycotic was recognized by the Washington DC SmartCEO as 2017 Executive Management Award winner.
- Expansion of executive team:
- Named Rhett Hernandez, a former US Army General and Cyber Commander to Thycotic's Advisory Board.
- Welcomed Michelle Hayes to the team as Thycotic's Vice President of Human Resources.
- Delivery of industry research, including:
- Thycotic's report on the Current and Future State of Password Security – reporting that a total of 300 billion passwords will be at risk by 2020.
Thycotic prevents cyberattacks by securing passwords, protecting endpoints and controlling application access. Thycotic is one of the world's fastest growing IT security companies because we provide customers with the freedom to choose cloud or on premise software solutions that are the easiest to implement and use in the industry. Thycotic has grown to serve more than 7,500 customers.
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