Phenomenal Channel Performance Boosts Thycotic Revenues in 2019

ADELAIDE, Australia, February 5, 2020 -- Thycotic, provider of privileged access management (PAM) solutions for more than 10,000 organisations worldwide, including 25 of the Fortune 100, today announced a rise in total worldwide revenues of 67 percent in 2019 and a 78 percent growth in channel driven revenue in Australia and New Zealand.

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 Secrets 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 percent committed to grow 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 sets 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:

• 53 percent growth in value of overall channel opportunities created in Australia and New Zealand
• 48 percent growth in value of overall channel opportunities created in global markets
• 42 percent year-on-year rise in partner sourced leads following 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 in global markets
• 23 percent increase in value of deal registrations in Australia and New Zealand
• Success of professional services and partner enablement programs

“Thycotic’s clear understanding of the importance of PAM as a key cyber threat mitigation strategy, coupled with their ability to deliver business benefit, has seen an incredible rate of adoption for their solutions in Australia and New Zealand,” said Scott Hagenus, chief marketing officer at emt Distribution, Thycotic’s distributor in Australia and New Zealand.

“What sets Thycotic apart is its absolute commitment to the channel, with one of the most mature, well structured and well thought out partner programs we at emt have been involved with,” said Hagenus. “This breeds success, with demand coming from both end user organisations and the channel itself. Thycotic offers revenue streams from software sales, cloud services and professional services and support its channel end to end.

“The important factors partners look for in a vendor are: solid product that delivers on its promise for a market that exists; quality technical support (pre and post-sale) available when they and their customers need it; easily accessible training; marketing support to help further develop the market; and, of course, margin that’s meaningful,” said Hagenus. “Thycotic delivers these in spades.”

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.  

For more information on Thycotic and its Partner Program, visit www.thycotic.com.