Thycotic, a provider of privileged access management (PAM) solutions for more than 10,000 global organizations, has announced record growth in 2018 across all segments within the company’s indirect channel.
Thycotic channel partners have captured exponential gains across the globe from PAM sales with Thycotic more than doubling its sales volume on a 118 percent annual growth rate.
According to Bob Gagnon, vice president of Americas channel sales, Thycotic channel partners are gaining momentum with a larger share of revenues coming from enterprise level organizations. At the same time, he noted, MSPs are among the fastest-growing segment of channel partners, with Thycotic posting a 700 percent surge in revenue growth from MSPs over the past year.
Some highlights of Thycotic’s 2018 channel performance included:
- A 40 percent year-over-year increase in Americas partner deal registrations, resulting in 118 percent growth in sales from partners.
- International channel grew at 208 percent in new business revenue growth vs FY17 and was preceded by a 74 percent increase in deal registration activity for the same period.
- The company entered into an original equipment manufacturing (OEM) agreement with IBM Security in late 2018.