WASHINGTON, July 1, 2015 /PRNewswire/ -- Thycotic, a provider of smart and effective privileged account management solutions for global organizations, today announced a significant investment from New York-based private equity and venture capital firm Insight Venture Partners. The new capital will be used to fuel the company's continued global expansion and product innovation. Mike Triplett, managing director and Philip Vorobeychik, senior associate will join Thycotic's board of directors. Specific deal terms were not disclosed.
Amidst a global increase in cyber-attacks and demand for enhanced IT security, Thycotic has emerged as a market leader in the IT security solutions space for privileged account management. With 141% year-over-year growth since 2011, Thycotic has amassed a global customer portfolio of over 3,000 companies across all major industry verticals making it an industry-leading solution.
"Organizations across all major industries – from education and banking to healthcare and oil & gas – are increasingly focusing on privileged account management as a key aspect of their IT security strategy," said Jonathan Cogley, founder and CEO of Thycotic. "We're seeing incredible market traction for Thycotic Secret Server, and we're absolutely thrilled to partner with Insight Venture Partners as their industry expertise and support will help us expand our global reach and grow our customer base even more rapidly."
"We see a huge market need for innovative identity management solutions in cybersecurity," said Mike Triplett, managing director at Insight Venture Partners. "We are pleased to add Thycotic to our portfolio of companies and are excited to join them as they continue to grow their customer base and provide organizations with high quality privileged account security solutions."
Thycotic IT security and password management solutions empower companies to remove the complexities associated with proper access control and management of privileged accounts. An Inc. 5000 company, Thycotic is trusted by more than 3,000 customers worldwide – including members of the Fortune 500, enterprises, government agencies, technology firms, universities, non-profits and managed service providers. To learn more, please visit thycotic.com.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $10 billion and invested in more than 200 companies worldwide. Our mission is to find, fund and work successfully with visionary executives providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit http://www.insightpartners.com or follow us on twitter: @insightpartners.com.