ThycoticCentrify, a leading provider of cloud identity security solutions formed by the merger of privileged access management (PAM) leaders Thycotic and Centrify, today announced that both Centrify and Thycotic have been positioned by Gartner, Inc. in the Leaders quadrant of the 2021 Gartner Magic Quadrant for Privileged Access Management. The report evaluated 10 vendors based on completeness of vision and ability to execute.
Centrify and Thycotic were evaluated separately after their announced acquisition and planned merger by TPG in March 2021. Each company’s evaluation by Gartner in the report reflects their respective positions before the M&A announcement.
“We are proud that both Centrify and Thycotic have again been recognized as Leaders in the Gartner Magic Quadrant for Privileged Access Management,” said Art Gilliland, CEO, ThycoticCentrify. “We believe the strengths recognized in the report for each company support our position that we are better together as one company, specifically around synergies related to product strategy and innovation, sales execution, and delivering a world-class customer experience.
As we continue bringing these two leaders together, we will grow our existing leading portfolio through innovation and bring transformative PAM solutions to market that address evolving modern identity security requirements.”
Digital transformation and accelerated cloud migrations are evolving IT trends that create complexity. As a result, many organizations are facing more challenging security scenarios as the IT estate expands via the cloud, containers, microservices, DevOps environments and more. This is driving demand for cloud-first privileged access management solutions to secure the modern threatscape and protect human and non-human identities.
According to the latest Gartner worldwide security and risk management spending forecast, spending on privileged access management is expected to grow 17% to reach $2 billion in 2021.
Centrify was previously named a Leader in 2018 and 2020 Gartner Magic Quadrant for Privileged Access Management reports. Thycotic was also named a Leader in the 2020 Gartner Magic Quadrant for Privileged Access Management.