WASHINGTON, Feb. 12, 2019 /PRNewswire/ -- Thycotic, provider of privileged access management (PAM) solutions for more than 10,000 organizations worldwide, today announced record growth in 2018 across all segments within the company's indirect channel business. Thycotic channel partners have captured exponential gains across the globe from PAM sales with Thycotic, more than doubling its sales volume on a 118 percent annual growth rate.
"With analysts like Gartner citing privileged access management as a top cyber security priority for enterprises, Thycotic's channel partners are seeing a phenomenal surge in demand for PAM solutions," said Jim Legg, CEO of Thycotic. "Our partners are seeing how well Thycotic PAM solutions resonate with larger organizations, and by investing in Thycotic they can attract and acquire new business in their existing account base as well as new customers overall," he explained. "It's a global trend that aligns perfectly with Thycotic's growth strategy."
Analysts at Gartner have projected that by 2022, 70 percent of organizations will implement privileged access management (PAM) practices for all use cases in the enterprise, which is a significant increase from 40 percent today.1
According to Bob Gagnon, Vice President of Americas Channel Sales, Thycotic channel partners are gaining momentum with a larger share of revenues coming from enterprise level organizations. At the same time, he noted, MSPs are among the fastest-growing segment of channel partners, with Thycotic posting a 700 percent surge in revenue growth from MSPs over the past year.
"As Thycotic's partner base has grown, our channel has made huge strides in the enterprise space acquiring large accounts in sectors such as airline, hospitality, retail, finance and federal government," said Gagnon.
Highlights of Thycotic's 2018 channel performance includes:
- 40 percent year-over-year increase in Americas partner deal registrations resulting in 118 percent growth in sales from partners.
- International channel grew at 208 percent in new business revenue growth vs FY17 and preceded by a 74 percent increase in deal registration activity for the same period.
- Thycotic entered into an original equipment manufacturing (OEM) agreement with IBM Security in late 2018. This partnership comes with an increased need for organizations to secure privileged accounts that are connected to just about every device on the network.
- Members of Thycotic's channel leadership team were recognized by CRN in several award programs in 2018, including Channel Chiefs, Women of the Channel and 100 People You Should Know.
- CRN also recognized Thycotic's Partner Program as a 5 Star Winner in the CRN Partner Program Guide.
In addition to the highlights noted, Thycotic has also recognized its top 2018 partners in outstanding cybersecurity sales, customer experience, and collaboration via its North America Partner of the Year Awards. These award winners include:
- Fishtech Group for delivering substantial growth in their customer base, strong investment in Thycotic solutions and solid revenue by driving new customer acquisition and satisfaction of Thycotic PAM solutions.
- Dan Jeske, Account Executive at Fishtech Group is the award recipient for Partner Account Executive of the Year for demonstrating leadership, professionalism, exceptional collaboration skills and product expertise.
"Thycotic's ecosystem is rapidly expanding and includes 100's of cyber security partners across a variety of business models including resellers, MSSPs, systems integrators and distributors," added Gagnon. "We want to recognize and thank Fishtech Group for delivering impactful PAM solutions to their customers and for helping to make 2018 a banner year for Thycotic."
For more information on Thycotic and its Partner Program, visit www.thycotic.com.
1Best Practices for Privileged Access Management Through the Four Pillars of PAM, Published: 28 January 2019 ID: G00376315
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, D.C., Thycotic operates worldwide with offices in the UK and Australia. For more information, please visit www.thycotic.com.
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