Global Rise in Privileged Account Abuse Drives Record Growth for Thycotic

Privileged Account Management Solution Secret Server Now Used by More Than 3,000 Organizations and 180,000 IT Administrators Worldwide

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Thycotic Software

Nov 05, 2014, 08:30 ET

WASHINGTON, Nov. 5, 2014 /PRNewswire/ -- Thycotic, a provider of smart and effective privileged account management solutions for global organizations, today announced that more than 180,000 IT professionals worldwide are now using the company's Secret Server solution – an 80 percent increase in its global customer base since January of this year. The international increase in cyberattacks on businesses involving the abuse of passwords and privileged login credentials has resulted in record-breaking financial results for the company in 2014, as Thycotic recognized 141 percent year-over-year revenue growth.

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"Identity and Access Management is one of the most important IT market segments these days, and is driven by various factors. One is increasing regulatory pressure. Companies need to manage their risks, including access risks to their corporate information. That requirement is causing growth for solutions providers who can address identity and access management, which is moving to the top of the IT agenda," said Martin Kuppinger, Founder and Principal Analyst at KuppingerCole. "Thycotic has numerous high-profile clients, and their product has proven to be a mature, enterprise class Privileged Management solution."

Organizations such as Secure-24, International Rescue Committee and the San Francisco Ballet are leveraging Secret Server to securely store, distribute and manage privileged access data such as server passwords, router passwords and service accounts in a central, Web-based password repository. Secret Server reduces the complexity associated with managing privileged users' access rights, helping organizations mitigate the risk of security breaches and compliance violations.

"With 2014 shaping up to be one of the worst years on record for cyberattacks against businesses, Thycotic has remained focused on listening to and responding to the needs of our customers as they struggle to face an ever-increasing number of attack vectors," explained Jonathan Cogley, CEO of Thycotic. "Our commitment to helping businesses protect their most vulnerable data has been the primary driver in our unprecedented growth, and we expect 2015 to present even more opportunities for Thycotic to deliver new services and expand operations."

The company has also forged relationships with best-of-breed security and SIEM technology vendors to further enhance Secret Server's user experience and data security capabilities for enterprise customers. Its product integration partnerships with Splunk Enterprise, HP Arcsight, BalaBit and LogRhythm allow mutual customers to better track privileged user activity by monitoring live admin sessions and easily exporting and analyzing data from Secret Server. These types of partnerships enable Thycotic customers to increase operational efficiency by having tools that communicate more readily with one another, providing better visibility of potential internal and external network threats.

Named one of the Inc. 5000 fastest growing companies for the second consecutive year, Thycotic has successfully executed its growth strategy with the addition of customer-requested features across its line of tools. Its flagship software solution, Secret Server, was named a finalist for the 2014 Best of VMworld Awards in the Security and Compliance for Virtualized Environments category.

About Thycotic Software
Thycotic creates intuitive, reliable solutions that empower companies to remove the complexities associated with proper control and monitoring of privileged accounts. An Inc. 5000 company, Thycotic password management software is trusted by more than 180,000 IT professionals worldwide – including members of the Fortune 500, enterprises, government agencies, technology firms, universities, non-profits and managed service providers. To learn more, please visit thycotic.com.

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