REDWOOD CITY, Calif. and WASHINGTON, July 21, 2021 /PRNewswire/ -- ThycoticCentrify, a leading provider of cloud identity security solutions formed by the merger of privileged access management (PAM) leaders Thycotic and Centrify, today announced that both Centrify and Thycotic have been positioned by Gartner, Inc. in the Leaders quadrant of the 2021 Gartner Magic Quadrant for Privileged Access Management. The report evaluated 10 vendors based on completeness of vision and ability to execute.1
Centrify and Thycotic were evaluated separately after their announced acquisition and planned merger by TPG in March 2021. Each company's evaluation by Gartner in the report reflects their respective positions before the M&A announcement.
GET COMPLIMENTARY ACCESS TO THE 2021 GARTNER MAGIC QUADRANT FOR PRIVILEGED ACCESS MANAGEMENT: https://thycotic.com/resources/gartner-magic-quadrant-pam/
"We are proud that both Centrify and Thycotic have again been recognized as Leaders in the Gartner Magic Quadrant for Privileged Access Management," said Art Gilliland, CEO, ThycoticCentrify. "We believe the strengths recognized in the report for each company support our position that we are better together as one company, specifically around synergies related to product strategy and innovation, sales execution, and delivering a world-class customer experience. As we continue bringing these two leaders together, we will grow our existing leading portfolio through innovation and bring transformative PAM solutions to market that address evolving modern identity security requirements."
Digital transformation and accelerated cloud migrations are evolving IT trends that create complexity. As a result, many organizations are facing more challenging security scenarios as the IT estate expands via the cloud, containers, microservices, DevOps environments and more. This is driving demand for cloud-first privileged access management solutions to secure the modern threatscape and protect human and non-human identities. According to the latest Gartner worldwide security and risk management spending forecast, spending on privileged access management is expected to grow 17% to reach $2 billion in 2021.2
Centrify was previously named a Leader in 2018 and 2020 Gartner Magic Quadrant for Privileged Access Management reports. Thycotic was also named a Leader in the 2020 Gartner Magic Quadrant for Privileged Access Management.
Get complimentary access to the report to learn more about evaluations by Gartner: https://info.centrify.com/gartner-mq-privileged-access-management/.
1 Gartner, Magic Quadrant for Privileged Access Management, Felix Gaehtgens, Abhyuday Data, Michael Kelley, Swati Rakheja, 19 July 2021.
2 Gartner, Forecast: Information Security and Risk Management, Worldwide, 2019-2025, 1Q21 Update, Krishnendu Bal, Mark Driver, Christian Canales, Ruggero Contu, Lawrence Pingree, Elizabeth Kim, John A. Wheeler, Swati Rakheja, Rustam Malik, Nat Smith, Mark Wah, 30 March 2021.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
ThycoticCentrify is a leading cloud identity security vendor, enabling digital transformation at scale. ThycoticCentrify's industry-leading privileged access management (PAM) solutions reduce risk, complexity, and cost while securing organizations' data, devices, and code across cloud, on-premises, and hybrid environments. ThycoticCentrify is trusted by over 14,000 leading organizations around the globe including over half of the Fortune 100, and customers include the world's largest financial institutions, intelligence agencies, and critical infrastructure companies.
© Thycotic Software, LLC and Centrify Corporation 2021. ®Centrify and ®Thycotic are registered trademarks of Centrify Corporation and Thycotic Software, LCC, respectively. All other trademarks are property of their respective owners.