Thycotic Records Strong Growth in Q2 2020
Washington, DC., July 16, 2020 – Thycotic, a provider of Privileged Access Management (PAM) solutions to more than 10,000 organizations worldwide, including 25 of the Fortune 100, today announced that the company has closed out Q2 2020 with a 25% year-over-year sales growth and over 200 new customers. During the past quarter, Thycotic also announced the acquisition of PAM solution provider, Onion ID, to expand their product offerings, released updates to its flagship product Secret Server, and had four team members recognized in prestigious award programs.
“We recognize the critical role our solutions play in ensuring businesses are protected as the threat landscape is expanded due to the shift to remote work,” said James Legg, President, and CEO at Thycotic. “I am blessed to work alongside the most talented team of cybersecurity professionals who have worked incredibly hard to ensure our customers and our business maximize success”.
Thycotic also announced a change in leadership within its marketing team. Chris Smith, previously VP of Product Marketing, was promoted to Chief Marketing Officer. As CMO, Smith is responsible for leading Thycotic’s global marketing efforts, with a focus on building visibility for the company and contributing to the attainment of revenue growth objectives.
His predecessor, Steve Kahan, was promoted to Chief of Staff where he now serves as a close advisor to the chief executive and maintains strong relationships with team members across the organization to help the company continue its strong momentum.
Key highlights from the company include:
- Added 204 new customers
- Recorded a quarterly sales growth of 25%
- Year-to-date cloud sales increased by over 100%
- Announced acquisition of PAM solution provider Onion ID
- Surpassed competitors in the KuppingerCole Leadership Compass Report for PAM
- Launched 401 Access Denied Podcast in partnership with Cybrary
- Published free digital toolkit for Remote Worker Cybersecurity
New products and integrations released:
- Expanded PAM solution set with Thycotic Remote Access Controller, Thycotic Cloud Access Controller and Thycotic Database Access Controller
- Unveiled new just-in-time functionality for the DevOps Secrets Vault solution, for securing access to cloud platforms
- Released updates to Secret Server adding event automaton and session management controls
- Achieved Type 2 Service Organization Control (SOC 2) examination for flagship products including Secret Server Cloud and Privilege Manager Cloud
- Announced integration between Thycotic Account Lifecycle Manager and ServiceNow, streamlining workflow approvals
Thycotic team excellence is recognized in award programs, including the following:
- 2020 SC Media Awards Europe: Joseph Carson, highly commended in the ‘Outstanding Contribution’ category for his tremendous work and outreach within the cybersecurity industry
- Thycotic was selected as an honoree in the 2020 Cybersecurity Impact Awards ‘large business category.
- Team members Becca Stucky, Katie McCroskey, and Kara Trovato were recognized as 2020 CRN Women of the Channel
- Thycotic named finalist in Business Intelligence Group’s Excellence in Customer Service Awards