Phenomenal Channel Performance Boosts Thycotic Revenues in 2019
WASHINGTON, D.C., January 23, 2020 — Thycotic, a provider of Privileged Access Management (PAM) solutions for more than 10,000 organizations worldwide, including 25 of the Fortune 100, today announced a rise in total worldwide revenues of 67 percent in 2019.
Thycotic’s global indirect sales were up by 35 percent year on year, helped considerably by strong business demands for PAM solutions from worldwide Channel partners including Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs). Additionally, there were significant contributions from professional services, enablement, and marketing support.
Recent portfolio additions like Account Lifecycle Manager, cloud parity for Thycotic products, and DevOps vault have allowed partners to offer their clients a full end-to-end solution. A new Named Partner approach has been especially effective, creating a genuine team environment with a small number of key partners that are 100% committed to growing their PAM business.
This coupled with structural investments in channel support systems and processes have made 2019 a formative year for Thycotic’s Channel worldwide strategy and set up to enter 2020 with dedicated and highly knowledgeable partners focused on delivering the best possible value for their end user customers.
Highlights of Thycotic’s 2019 channel performance also include:
- 48 percent growth in value of overall channel opportunities created in global markets
- 42 percent year-on-year rise in partner sourced leads following the newly introduced marketing-led lead generation program
- 296 percent increase in Thycotic Certifications helped advance the professional credibility of our partners in their knowledge of PAM,
- 50 percent increase in staff numbers
- 20 percent increase in value of deal registrations
- The success of professional services and partner enablement programs
- Members of Thycotic’s channel leadership team were recognized by CRN in several award programs in 2019, including Channel Chiefs, 100 People You Should Know and Women of the Channel.
“In our experience, the top vendors are the ones that iron out all the wrinkles so partners can stay centered on serving the clients to the best of their ability,” said Mark Weatherill, marketing director at UK distributor Alpha Gen. “Thycotic’s professional services and partner enablement programs manage all the back-end processes while enhancements to the deal registration system keep everything conflict-free ensuring everything works smoothly and efficiently.”
“Thycotic has been unwavering in their support to help us grow our business, particularly with the Department of Defense (DoD),” affirms Jeff Bloom, principal of Waimanalo Blooms. “Thycotic’s commitment to send staff to attend key meetings and deliver the message in person has made quite an impact. With consistent marketing and field support and sending staff to speak at major events has added credibility and built serious inroads in a vertical which is very hard to penetrate.”
Going into 2020, Thycotic is increasing investments to supercharge the channel growth. The company is investing in state-of-the-art software to streamline sales processes, enable partners to find more opportunities, and support them with new incentive programs.
Heading to RSA® Conference, February 24 – 28, 2020, in San Francisco? Visit Thycotic booth #655 in the South Hall and you could #DriveAwayFromRSA in the CEO’s Jeep! Not attending? Join the conversation virtually with Thycotic CISO, Terence Jackson, on Tuesday, February 25, 2020, at 10:30 a.m. (PT), as he participates in the live video panel, “The Changing Face of Compromise,” presented by BrightTALK.