Beyond Momentum: CEO Reflections on Growth and Innovation at BeyondTrust

This week, BeyondTrust announced a major financial milestone as we surpassed $400M in annual recurring revenue (ARR) while maintaining profitability by exceeding the “Rule of 40” growth metric for the third consecutive year, a key performance indicator in the technology industry. This is a significant achievement, not only because it highlights our market momentum, strong revenue growth, and robust financial health, but also because it demonstrates our unwavering commitment to driving customer value through innovation in identity security.

Since becoming the CEO of BeyondTrust two years ago, I’ve seen the impressive results of the team’s hard work, customer-focused mindset, and innovative spirit in service of our customers. Our journey as a company is marked by relentless innovation and a steadfast commitment to protecting the Paths to Privilege™ in an increasingly cloud-first world.

As we reach the midpoint of 2024, I wanted to reflect on the critical areas of the business that are driving the incredible momentum BeyondTrust has achieved.

Fighting Every Day for Our Customers

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Our mission as a company is to fight every day to secure identities, intelligently remediate threats, and deliver dynamic access to empower and protect organizations around the world; this $400M ARR milestone would not be possible without our unwavering focus on the customers who trust us to protect their organizations and believe in the strength of our vision. In the first half of this year alone, we’ve added more than 800 new customers, and 2,000 existing customers chose to expand with us via new products and increased use of existing products. either added a new product or expanded their use of existing products.

Prioritizing Customer and Employee Satisfaction

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I'm also incredibly proud to share our latest scores in customer and employee satisfaction, which continue to be market leading. Our customer-first mindset is central to how we do business as company, and we are trusted by more than 20,000 customers globally.

BeyondTrust has achieved a Customer Net Promoter Score (NPS) of 55, a Customer Satisfaction (CSAT) score of 95, and an Employee Net Promoter Score (eNPS) of 45. These metrics are not just numbers; they are a reflection of our commitment to excellence and our relentless focus on delivering value to our customers and creating an exceptional workplace experience for employees.

High NPS and CSAT scores indicate that our customers are not only satisfied but are also enthusiastic advocates of our solutions. Similarly, our strong eNPS score underscores the positive environment we've cultivated within BeyondTrust, where our employees feel engaged and valued. These achievements fuel our momentum and enable us to meet our strategic objectives.

Transforming Identity Security

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Innovation is at the heart of BeyondTrust’s success. BeyondTrust is committed to ongoing investment in our existing solutions, as well as to adding new offerings to our platform that set new standards in identity security. It’s this innovation that resulted in our being recognised by KuppingerCole Analysts AG this year as an “Overall Leader” in Identity Threat Detection and Response (ITDR).

Launched last year, our enhancements to Identity Security Insights® are particularly notable, offering organizations a comprehensive view of their identity estates, including any identity vulnerabilities and hidden Paths to Privilege. With advanced AI/ML-powered threat detections, expanded visibility, and seamless integrations, these innovations help our customers stay ahead of evolving threats. Identity Security Insights was recently recognised by CRN® as a 2024 Tech Innovator.

Our own instance of Insights detected the identity-based attack on one of our in-house Okta administrator accounts, representing significant real-world validation of the power of our newest product to protect its users from modern identity-based attack techniques. Identity Security Insights helped us protect our own systems and ensure our customers were safe weeks before Okta was able to investigate, confirm the breach, and determine its impact.

The recent acquisition of Entitle adds comprehensive permissions and entitlements management across cloud and SaaS platforms to the BeyondTrust platform. A pioneering privilege management solution, Entitle discovers, manages, and automates just-in-time (JIT) access and modern identity governance and administration (IGA) across the entire cloud estate. In just a few short months, we’ve seen significant growth of our market reach, with a number of customers expanding their BeyondTrust footprint by adding Entitle.

Expanding Partnerships and Collaborations

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Our strategic partnerships have been crucial in driving our momentum. So far in 2024, we’ve strengthened our alliances with major technology providers, enabling us to deliver more integrated and comprehensive security solutions. Additionally, we’ve expanded the PartnerTrust Ecosystem by forging new partnerships with leading cybersecurity firms, creating a robust ecosystem that enhances our ability to protect our customers against sophisticated cyber threats. These collaborations have not only expanded our capabilities but have also opened new avenues for innovation and growth and played a key role in BeyondTrust being named a 5-Star Award winner in the CRN® Partner Program Guide this year.

Cultivating Talent

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In Q1 of this year, we welcomed new members to our executive leadership team with the appointment of Sean Cashin as Chief Customer Officer, Brett Theiss as Chief Marketing Officer, and Michael Machado as Chief Information Security Officer. With decades of combined experience driving growth and innovation across diverse industries, our executive leadership team has been instrumental in our growth and success.

The BeyondTrust team also grew globally at all levels of the business, reaching more than 1,600 employees globally with almost 200 employee promotions across the organization in the first half of 2024. As a company, we are committed to delivering an exceptional employee experience and believe that the continued growth and development of our talented team is the critical to our ability to remain a leader in identity security and a trusted thought leader in the cybersecurity market. It’s the dedicated efforts of our team that enables our customers to solve the real-world cybersecurity challenges they are facing.

Looking Ahead

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The cybersecurity challenges faced by our customers are always evolving, and our dedication to innovation, customer success, and industry leadership is unwavering. To stay ahead of these threats, we must think like attackers, anticipate their strategies, and focus on finding and protecting our customer’s privilege pathways. We are committed to building on this momentum by continuing to invest in all areas of the business that empower organizations to achieve their own identity security goals.

I am incredibly proud of what we have achieved together so far this year, and I am excited about the opportunities ahead. The energy is palpable, and BeyondTrust will keep pushing the boundaries of what’s possible in identity security.

Thank you to all our customers, partners, and employees for being part of this journey.

For anyone interested in learning more about BeyondTrust’s identity-centric approach to securing Paths to Privilege, eliminating identity security gaps, and neutralizing threats, click here.