Avecto, a leading provider of privileged access management (PAM) software, has announced record results for its latest financial year. Revenue for the firm exceeded £23.5 million, representing growth of 51% on the previous year. Booked orders were also up by 46% and new business increased by 55% year over year. The results represent 9 years of consecutive revenue growth for the fast-growing Manchester-based firm since it was established in 2008.
Avecto’s record results have been driven by a huge spike in sales for the firm’s award winning Defendpoint software. Defendpoint combines privilege management and application control technology, allowing organisations to stop insider and external attacks as well as achieve compliance and improved operational efficiency. Defendpoint now protects over 8 million users across the globe including many of the world’s biggest companies.
With international offices in Boston, USA and Frankfurt, Germany, Avecto has invested significantly in developing, growing, and retaining talent across the globe. Last year, the firm saw an increase in headcount by 20% and has ambitious plans to increase its team further over the course of the next 12 months.
Avecto’s growth has prompted the company to expand its UK headquarters at Trident, Manchester Airport and seek new, larger premises in Frankfurt following a year of significant success in the region. In August, the firm will complete major renovations on its Manchester HQ to include more meeting space and work desks as well as a golf putting green and a ‘Zen Garden’ for employees to enjoy. Last year the firm was recognized as one of the UK’s ‘Best Small Companies to Work For’ by The Sunday Times and earlier this year Avecto was named one of the ‘Companies Inspiring Britain’ by the London Stock Exchange Group.
Paul Kenyon, Co-founder and Co-CEO of Avecto said the results were another important milestone in the history of the company: “Against a backdrop of stiff competition and often tricky market conditions, Avecto has continued to thrive. Every year we’re setting a significantly higher benchmark which is fantastic to see. This past year we have made great strides forward through a mix of both continuous product innovation and an unswerving determination from everyone in the business to be the very best in the privilege elevation and delegation management market.”
“Looking forward, 2018 will see the company celebrate its 10th anniversary and I’m confident, given the trajectory we’re on, that our 10th year will be another record breaker.”