Thycotic reports 67% rise in revenue
Thycotic today announced a rise in total worldwide revenues of 67% in 2019.
Thycotic's global indirect sales were up by 35% year on year, helped considerably by business demands for privileged access management (PAM) solutions from worldwide channel partners including managed service providers (MSPs) and managed security service providers (MSSPs).
Additionally, there were 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 team environment with a small number of key partners that are 100% committed to growing their PAM business, according to Thycotic.
The company argues that this, coupled with structural investments in channel support systems and processes, has made 2019 a formative year for Thycotic's channel worldwide strategy and sets up to enter 2020 with knowledgeable partners focused on delivering the best possible value for their end-user customers.
Highlights of Thycotic's 2019 channel performance also include:
- 48% growth in the value of overall channel opportunities created in global markets
- 42% year-on-year rise in partner sourced leads following newly introduced marketing-led lead generation program
- 296% increase in Thycotic certifications helped advance the professional credibility of our partners in their knowledge of PAM
- 50% increase in staff numbers
- 20% increase in the value of deal registrations
- The success of professional services and partner enablement programs.
“In our experience, the top vendors are the ones that iron out all the wrinkles so partners can stay centred on serving the clients to the best of their ability,” says Alpha Gen marketing director Mark Weatherill.
“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),” says Waimanalo Blooms principal Jeff Bloom.
“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,” says Bloom.