Strong Customer Adoption Propels Another Record-Breaking Quarter for Thycotic

WASHINGTON, July 11, 2019 /PRNewswire/ -- Thycotic, provider of privileged access management (PAM) solutions to 10,000 organizations worldwide, including 15 percent of the Fortune 1000, today announced that it has ended Q2 of 2019 with a remarkable 485 percent year-over-year growth for its cloud solution sales. The surge in cloud adoption resulted from excellent customer satisfaction and cross-industry recognition, as well as Thycotic's award-winning Secret Server Cloud and the release of its Privilege Manager Cloud solution.

"We are very proud of our not just sustained, but continuous success in offering the PAM industry's leading cloud solution," said Jim Legg, President and CEO at Thycotic. "We recognize the global shift to cloud and the growing need for cloud-based security. Thycotic takes pride in providing innovative PAM solutions, but also ones that are easy to use, deploy and manage. We appreciate the trust that we have built with customers in delivering the PAM solutions to protect their organization's most critical assets."

In addition to Thycotic's success in cloud-based PAM, the company has also seen ongoing success in its year-over-year sales in Q2 of 2019.

Additional highlights in Q2 2019 from the company include:

• Overall Growth in Sales and Customers:
• 47 percent year-over-year sales growth in Q2 2019
• 485 percent year-over-year growth in cloud subscription bookings
• Added more than 280 new customers in Q2 2019
• Achieved a 93 percent maintenance renewal rate
• Received a 39 NPS score from customers, 26 percent higher than software companies
• Awards and Recognitions:
• Secret Server Cloud awarded as Cloud Computing Product of the Year from Cloud Computing Magazine by TMC
• Honored with NorthFace ScoreBoard Award for Outstanding Customer Satisfaction
• Recognized above competitors by Cyber Management Alliance for Thycotic's industry-leading PAM Cloud solution
• Thycotic honored with SAP Litmos Lenny award for best customer service training program
• Team members Becca Stucky, Katie McCroskey and Kara Trovato recognized as 2019 CRN Women of the Channel
• Named finalist in Business Intelligence Group's Excellence in Customer Service Awards
• New Products, Reports and Industry Publications:
• Launched Privilege Manager Cloud, empowering customers with the latest privilege management as a cloud-based solution
• Released the updated Secret Server 10.6.2
• Delivered groundbreaking Experts Guide to PAM Success report 
• Published a comprehensive guide detailing the People, Process and Technology Needed to Implement PAM Program

For more information about Thycotic and its solutions, please visit https://thycotic.com/.

About Thycotic
Thycotic is the leading provider of cloud-ready privilege management solutions. Thycotic's security tools empower over 10,000 organizations, from small businesses to the Fortune 500, to limit privileged account risk, implement least privilege policies, control applications, and demonstrate compliance. Thycotic makes enterprise-level privilege management accessible for everyone by eliminating dependency on overly complex security tools and prioritizing productivity, flexibility and control. Headquartered in Washington, DC, Thycotic operates worldwide with offices in the UK and Australia.

SOURCE Thycotic

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https://thycotic.com/