Avecto, a leading provider of privileged access management (PAM) software, has announced record results for its latest financial year. Revenue for the firm exceeded $30.6 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 Avecto which has US headquarters in Somerville, MA.
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 organizations 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 Manchester, UK 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 in North America has also prompted the company to expand its international footprint following significant demand for its Defendpoint product in overseas markets.
Matt Knutsen, VP of Avecto said the results were a huge stride forward for the company: “The privileged access management market is growing rapidly with more and more businesses looking to control the threat of insider and external attacks. Since 2008, Avecto has led the way and that heritage cannot be downplayed, there’s no doubt that Avecto’s expertise and experience are reflected in these fantastic year-end results.
“Every year we’re setting a higher benchmark both in terms of revenue and headcount which means it’s such an exciting time to be with the business. Avecto is global, but much of our recent growth is down to the traction we have been able to build here in the US. Our growth in the region has been phenomenal and that’s testament to the talented team we have here in Somerville and across North America as well our commitment to security innovation.”