WASHINGTON, Oct. 10, 2016 /PRNewswire/ -- Thycotic, a provider of privileged account management (PAM) solutions for more than 7,500 organizations worldwide, has added more than 200 new customers in the third quarter of 2016 alone and continues its growth trajectory with a 77 percent compound annual growth rate (CAGR) since Q3 2015. In addition to its sustained growth in global customers, Thycotic's upward trend in the PAM industry is attributed to recent channel program successes, a record number of free product downloads (7,000) and the launch of its new Secret Server Cloud solution.
"The growth we have seen in this past quarter is a testament to the hard work done by everyone in every department within Thycotic," said James Legg, President and CEO at Thycotic. "Our customer count is growing at a rapid pace. New products, such as Secret Server Cloud, keep us innovative, and continued industry recognition and growth in our channel model solidifies our position as the leader in the PAM space. We are excited to finish the year with stellar results and look forward to heading into 2017 stronger than ever."
Highlights of Thycotic's performance in Q3 of 2016:
- Seventy-seven percent year-over-year growth and continued achievement of profitability
- Ninety-five percent maintenance renewal rate demonstrating superior customer satisfaction
- Significant momentum in its channel model:
- More than 250 registered channel partners have increased the number of deals registered and revenue converted from those deals by over 1,000 percent
- Channel Recognitions:
- Featured in CRN's 2016 Cloud Partner Program Guide, which is a guide highlighting leading cloud partner programs
- Introduction of new Cloud-based PAM solution:
- Secret Server Cloud: Thycotic Unveils Secret Server Cloud for Privileged Accounts
- Positive reception of free tools:
- Free tools hit more than 7,000 downloads; up from 5,500 last quarter
- Recognition of industry leadership:
- Named a finalist in the "Security" category for the Best of VMworld 2016 award
- Ranked No. 18, ahead of companies such as CyberArk and Beyondtrust, on Cybersecurity Ventures' Cybersecurity 500 list
- Named a Strong Performer in The Forrester Wave™: Privileged Identity Management, Q3 2016
- Included in 451 Research report highlighting Thycotic's Secret Server Cloud solution
- Included in Gartner reports, including Market Guide for Privileged Access Management and Protecting Endpoints From Malware Using Application Whitelisting, Isolation and Privilege Management
- Addition to company talent:
- Tamir Orbach, VP of Professional Services and Customer Support
- Release of expert industry report:
- 2016 State of Privileged Account Management security report; reveals major shortcoming in the current state of privileged credential password and access security among organizations worldwide
- Strong customer growth fuels Q3 momentum:
- Addition of more than 200 new customers using Thycotic's solutions
"As we move into 2017, Thycotic is positioned to continue to be the fastest growing company in the PAM space," said Legg. "Because our products are comprehensive, easier to use and deliver value from day one, partners and customers truly love our solutions."
Thycotic prevents cyber-attacks 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. For more information, please visit www.thycotic.com.