WASHINGTON, May 2, 2017 /PRNewswire/ -- Thycotic, provider of privileged account management (PAM) solutions for more than 7,500 organizations worldwide, announced another quarter of record channel growth, fueled by impressive new customer acquisitions by way of their continued expansion of its global partner network. In addition, Thycotic has seen a 157 percent year-over-year growth in partner generated revenue. Overall, the channel helped spur an 84 percent increase in the number of new customers acquired in the first quarter of 2017.
"Already this year, Thycotic's value of pipeline discovered by the channel has increased 320 percent when compared with the same quarter in FY16. Our strategy has been and continues to be to leverage the channel as a competitive advantage," said Bob Gagnon, Vice President of Channel Sales for the Americas at Thycotic. "Our extended salesforce simply has become bigger and better, and as is the case with most of our cybersecurity customers, their preference is for choice and objective guidance from their IT solution providers."
VeriStor, a Thycotic Certified Partner, illustrates the door opening efficacy that Thycotic solutions have been bringing to their security practice since 2015. "Now more than ever, our customers have dramatically sought to strengthen their resilience against an increasing pace and complexity of threats," comments Murray Granger, Executive Vice President of Sales at VeriStor. "Thycotic has helped us meet our client's cybersecurity challenges by defending against attacks and mitigating breaches."
"In the International region (EMEA, APAC) we focus on building strategic relationships with proactive partners and ensure they are fully enabled in our solutions and aligned to our corporate strategy," affirms Simon Azzopardi, Vice President of International Sales at Thycotic. "Our high-quality certification program and access to sales engineers, both within Thycotic and through our value-added distributors, allows us to be highly responsive to the needs of the partner and customer. Our 100 percent channel model ensures we have zero sales friction."
Stuart Reay, Managing Director, Alpha Generation Distribution Ltd. also notes, "Through 2016, Thycotic built a UK team for partner recruitment, enablement and marketing. This important resource helps the channel win business and enables partners to have informed discussions about Privileged Account Management. With privileged accounts being involved in 62 percent of all breaches, it's a space that offers knowledgeable partners a considerable opportunity. Thycotic's marketing team listens to what the channel say they need for demand generation. Our ability to generate new Thycotic enquiries has created a strong funnel of leads ahead of deal registration, and helps to assure an uninterrupted pipeline of near term and future sales."
Thycotic global channel highlights for the first quarter of 2017 include:
- Deal Registrations, the leading indicator of future partner generated sales has grown 170 percent year-on-year while registered pipeline value has grown to 320 percent.
- The number of New Partners joining Thycotic's Partner Program has increased 205 percent world-wide over the previous year extending coverage across five continents.
- Bob Gagnon, Vice President of Channel Sales for the Americas, has been recognized as 2017 CRN® Channel Chief for his sixth year as an award recipient.
"What's most notable is that the growth through channel didn't derive just from adding many new partners. It came from adding the right partners who are motivated to help their customers reduce privilege account security risks," said James Legg, President and CEO of Thycotic. "Our ability to deliver the best privileged account security products, training and personal assistance to our committed partners has fueled the record results we experienced this quarter."
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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