WASHINGTON, April 19, 2016 /PRNewswire/ -- Thycotic, a provider of privileged account management (PAM) solutions for more than 3,500 organizations worldwide, continues its record trajectory with a 77 percent compound annual growth rate (CAGR) in Q1 of 2016. The company has now achieved ten consecutive quarters of record revenue growth, reflecting significant corporate momentum and sustained market leadership in the PAM industry. Global growth is attributed to the addition of several product upgrades, a significant increase in customers and partners, the acquisition of Arellia and continued praise and recognition for its industry-leading PAM solutions.
"We knew going into 2016 that Thycotic's financial performance was set up for success," said James Legg, President and CEO. "After nine consecutive quarters of growth, Q1 kicked off with a major acquisition and strong channel performance yielding over 100 new partners. Our product innovations continue to meet success with IT security pros which is reflected not only in revenue but industry recognition. Building off this momentum and the strong market demand for effective cybersecurity protections, Thycotic is on track with our strategic roadmap and confident we will continue to demonstrate sales growth in the quarters to come."
Highlights of Thycotic's performance in Q1 of 2016:
- Seventy-seven percent overall growth;
- Acquisition of Arellia: Arellia's Windows endpoint and application control software, combined with Thycotic's privilege credential vaulting, provides businesses with the most comprehensive PAM solution available on the market.
- Channel Momentum:
- Increased channel revenue directly sourced from deal registrations by 230 percent quarter over quarter
- More than 100 new partners signed, including 16 in EMEA covering more than 20 countries;
- Product Innovation; New Offerings:
- Market Demand: Launched two free tools with more than 4,000 downloads:
- Appointment of Simon Azzopardi as the VP of EMEA as a vital next step towards reaching company goals for international expansion
- Industry Recognition:
Thycotic, a global leader in IT security, is the fastest growing provider of Privilege Management solutions that protect an organization's most valuable assets from cyber-attacks and insider threats. Thycotic secures privileged account access for more than 3,500 organizations worldwide, including Fortune 500 enterprises. Thycotic's award winning Privilege Management Security solutions minimize privileged credential risk, limits user privileges and controls applications on endpoints and servers. Thycotic was founded in 1996 with corporate headquarters in Washington, D.C. and global offices in the U.K. and Australia. For more information, please visit www.thycotic.com.