Thycotic Software

Thycotic, now operating under the name Delinea, is a cybersecurity firm specializing in Privileged Access Management (PAM) solutions. The company was originally founded in 1996 in the United Kingdom as a software consultancy firm by Jonathan Cogley. Cogley, a software engineer who grew up in South Africa and began his career in London, initially ran the company as an independent consulting business. In 2000, he reincorporated the business in Delaware and later moved the headquarters to Washington, D.C., in 2004. The transition from consulting to a product-focused company occurred with the launch of its flagship product, Secret Server, in 2005. This web-based repository for storing and managing privileged account credentials became the cornerstone of Thycotic's business.

The company's business model is centered on providing PAM solutions that help organizations secure their critical data, devices, and cloud infrastructure. Thycotic serves a wide array of clients, from small businesses to large enterprises, including financial institutions, intelligence agencies, and critical infrastructure companies. Its offerings cater to the growing need for robust security in complex, hybrid IT environments, addressing the fact that a high percentage of cybersecurity breaches involve privileged credentials. Revenue is generated through the licensing of its software, which is available both on-premises and as a cloud-based service.

Thycotic's key product, Secret Server, provides a secure vault to store and manage privileged passwords, such as administrator and root accounts. Its solutions are designed to discover, control, and monitor privileged accounts, limit user privileges, and control applications on endpoints. A significant milestone in the company's history was the acquisition by private equity firm TPG Capital in March 2021 for $1.4 billion. Following the acquisition, TPG merged Thycotic with another PAM provider, Centrify. This merger led to the formation of Delinea in February 2022, creating a more comprehensive identity security vendor poised to address the challenges of modern digital transformation and remote work.

Keywords: Privileged Access Management, Delinea, Secret Server, PAM solutions, cybersecurity, identity security, credential management, access control, endpoint security, privileged accounts, Jonathan Cogley, TPG Capital, Centrify merger, cloud security, infrastructure security, compliance, risk reduction, password management, identity and access management, enterprise security