REDWOOD CITY, Calif. and WASHINGTON, Nov. 9, 2021 /PRNewswire/ -- ThycoticCentrify, a leading provider of cloud identity security solutions formed by the merger of the privileged access management (PAM) leaders Thycotic and Centrify, today announced strong performance in the recently-closed third quarter of 2021. During the quarter, the company saw growth in annual recurring revenue in excess of 35 percent, as it continued to focus on execution and innovation.
ThycoticCentrify accelerated its delivery of industry-leading PAM solutions while focusing on operational excellence and effective growth investment. It also added to the executive team as industry veterans Stephanie Reiter and Keith Green joined as Chief Financial Officer (CFO) and Chief Human Resources Officer (CHRO), respectively, while Myrna Soto brings three decades of expertise working with executive leadership to the company's Board of Directors.
"The first quarter of our integration showed we aren't slowing down, and our acceleration in Q3 proves that we are, in fact, better together," said Art Gilliland, CEO at ThycoticCentrify. "In particular, we are seeing tremendous success in transitioning to subscription-based licensing models, as our customers adopt our cloud solutions to secure access to their digitally-transformed infrastructure. We plan to continue executing our growth strategy for the rest of the year and carry that momentum into 2022."
Thycotic and Centrify were both recognized again as Leaders in the 2021 KuppingerCole Leadership Compass for PAM, a market report identifying that both legacy companies earned the highest score possible ("strong positive") across all nine evaluation criteria. Additionally, Thycotic was named to the Inc. 5000 list of fastest-growing private companies in America for the ninth consecutive year.
During the quarter, ThycoticCentrify also announced several notable product innovations and integrations:
Enhanced security and compliance capabilities for Secret Server, including a new "secret erase" feature
Optimized multi-factor authentication (MFA) redirection in Server Suite to increase convenience, productivity, and security when using multiple administrative accounts
Brought certificate-based authentication and configurable "time-to-live" for all cloud platforms to DevOps Secrets Vault
Improved workflow productivity for service account governance with the latest version of Account Lifecycle Manager
Reduced risks associated with over-privileged users in diverse enterprise environments with new granular access controls in Privilege Manager
Signed into an agreement whereby iC Consult in Germany and iC Consult Americas will integrate the company's industry-leading PAM solutions into their identity and access management solutions offerings.
ThycoticCentrify is a leading cloud identity security vendor, enabling digital transformation at scale. ThycoticCentrify's industry-leading privileged access management (PAM) solutions reduce risk, complexity, and cost while securing organizations' data, devices, and code across cloud, on-premises, and hybrid environments. ThycoticCentrify is trusted by over 14,000 leading organizations around the globe including over half of the Fortune 100, and customers include the world's largest financial institutions, intelligence agencies, and critical infrastructure companies.
© Thycotic Software, LLC and Centrify Corporation 2021. ®Centrify and ®Thycotic are registered trademarks of Centrify Corporation and Thycotic Software, LLC respectively. All other trademarks are property of their respective owners.