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Thycotic rounds out 2019 with 'banner year' for cloud roadmap

18 Feb 2020

Privileged access management (PAM) solutions provider Thycotic has published key highlights from 2019 for its work in cloud-based PAM.

The company, which opened a new cloud data centre in Singapore last year, increased its data centre count to four globally. The data centres are now in Germany, the United States, South East Asia, and Australia. Thycotic says it aims to open more data centres in 2020.

Thycotic added new customers to its cloud PAM solution roster in 2019, one of which included DXC Technology.

Thycotic vice president of product management Jai Dargan says, 

"Migration of workloads to public cloud infrastructures, like AWS and Azure, has greatly increased the enterprise attack surface. We have been committed to delivering best-in-class PAM capabilities as SaaS, to ensure ROI through instant deployment, while extending our PAM controls to IaaS.”

"2019 was a banner year for our cloud roadmap -- and we will be delivering several new advanced solutions in the coming months."

According to Thycotic, more than 90% of the world's data is stored in the cloud. Thus, the adoption of a cloud-based PAM solution is now more important than ever.

Thycotic's additional 2019 cloud-based accomplishments, include:

•    Achieved a 405% YOY increase in cloud bookings in 2019
•    Added upwards of 350 new PAM cloud customers in 2019, now accounting for more than 650 cloud customers overall
•    50% year-over-year sales growth in 2019

The company also released three new products in 2019. They include:

•    Account Lifecycle Manager: Controls service accounts with end-to-end governance, from discovery and provisioning through decommissioning
•    DevOps Secrets Vault: Centrally manages passwords used to access applications and services without causing friction in the development process
•    Connection Manager: Manages multiple remote sessions for both Remote Desktop Protocol (RDP) and SSH in a unified environment

“2019 was a banner year for Thycotic in terms of financial growth, but more importantly, in customer success and product innovation,” says Thycotic president and CEO James Legg.

“We are very proud of our ability to satisfy customers which all stems from the best PAM products available on the market and a team of cybersecurity professionals dedicated to customer success. Enterprise-class customers are choosing Thycotic and many are switching from legacy incumbents because they recognise our products do a superior job of securing their data, infrastructure and users.”

Thycotic was also named as Deloitte Technology Fast 500 List’s No. 360 organisation and No. 1541 in the Inc. 5000 Fastest Growing Companies List.