SecurityBrief New Zealand - Technology news for CISOs & cybersecurity decision-makers
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BeyondTrust reports substantial growth & ongoing innovation in 2023
Wed, 7th Feb 2024

Intelligent identity and access security vendor BeyondTrust has announced significant growth and continued innovation during 2023. The company achieved notable recurring revenue growth, expansion of its identity security platform, acquisition of new customers, as well as delivering outstanding customer and employee experiences.

Key highlights for BeyondTrust during the past year include an acceleration in recurring revenue to over 80% of total revenue, a year-on-year subscription ARR growth of approximately 40%, and the acquisition of almost 1,500 new customers. BeyondTrust also expanded its current solutions for approximately 3,700 of its existing customers with new products or add-ons. Additionally, the company exceeded the 'Rule of 40', achieving gross retention of more than 95% and a net retention rate of more than 110% for implied renewals. These outstanding results were capped off by an industry-leading Net Promoter Score (NPS) of 62 and a Customer Satisfaction (CSAT) score of over 95%.

The growth at BeyondTrust has also seen the company reinforce its leadership team. Brett Theiss was welcomed as Chief Marketing Officer, and Sean Cashin was appointed Chief Customer Officer in order to further advance growth and innovation within the identity security market.

BeyondTrust's dedication to providing customers with unmatched visibility and control in the battle against sophisticated cyber threats saw leading-edge capabilities released across the BeyondTrust platform throughout the year. A standout release was the Identity Security Insights system, designed to offer state-of-the-art visibility, threat detection, and proactive security recommendations across the full identity estate. Identity Security Insights consolidates Privileged Access Management (PAM), Cloud Infrastructure Entitlement Management (CIEM), and Identity Threat Detection and Response (ITDR), supplying organisations with powerful tools to anticipate and counter identity-based threats.

Additional functionalities launched during the year include Privilege Management for Windows and Mac, Password Safe and Workforce Passwords, Privileged Remote Access and Remote Support, and Privilege Management for Unix/Linux & Active Directory Bridge. These advancements underline the commitment of BeyondTrust to innovation, aiming to reduce manual work for IT and security teams, making user experiences more intuitive and streamlined, and enabling secure access to critical cloud platforms, applications, and data.

Apart from these key technological advances, BeyondTrust has enacted various security initiatives at the corporate level to further ensure the safety of its clients. ISO 27001:2022 recertification guarantees a well-structured approach towards managing and preserving sensitive information. Furthermore, participation in the Amazon Web Services (AWS) Independent Software Vendor (ISV) Workload Migration Program (WMP) offers clients a seamless transition to the cloud while maintaining robust security and compliance standards.

For its achievements, BeyondTrust has been recognised by leading analysts and media organisations, including being named Leader in the 2023 Gartner Magic Quadrant for Privileged Access Management, the KuppingerCole 2023 Leadership Compass for Privileged Access Management and Gartner Peer Insights 2023 Customers Choice for Remote Desktop Software.

Janine Seebeck, CEO of BeyondTrust, praises the company's huge strides in 2023, attributing the success to "robust revenue growth, product expansion, and industry and partner recognition. I take great pride in our employees and partner ecosystem for their dedicated efforts in service of our customers, and am excited for the year ahead as we continue to help our customers solve their identity security challenges."