Accelerated recurring revenue to greater than 80% of total revenue while delivering profitable growth exceeding the “Rule of 40”
BeyondTrust has announced significant recurring growth in 2023 and continued innovation through expansion of its identity security platform, acquisition of new customers, and delivery of exceptional customer and employee experiences.
“We achieved significant momentum in 2023, driven by robust revenue growth, product expansion, and industry and partner recognition.”
Janine Seebeck, CEO, BeyondTrust.
Key 2023 highlights include:
- Accelerating recurring revenue to greater than 80% of total revenue, with approximately 40% YoY subscription ARR growth
- Driving substantial new business, adding nearly 1,500 new logos
- Expanding current solutions for about 3,700 current customers with new products or add-ons
- Achieving gross retention of more than 95% and net retention rate of more than 110% for implied renewals, along with an industry-leading Net Promoter Score (NPS) of 62 and Customer Satisfaction (CSAT) score of more than 95%
- Delivered profitable growth with Adjusted EBITDA (GAAP) in excess of 25%, exceeding the “Rule of 40”
To drive growth and continued innovation in the identity security market, BeyondTrust has added two new members to the Executive Leadership Team:
- Brett Theiss joined BeyondTrust as Chief Marketing Officer
- Sean Cashin was appointed Chief Customer Officer
Demonstrating continuing innovation leadership, BeyondTrust released advanced capabilities across the BeyondTrust Platform in 2023 to provide customers with unmatched visibility and control in their relentless battle against sophisticated cyber threats. The launch of Identity Security Insights delivers industry-leading visibility, threat detection, and proactive security recommendations across the entire identity estate. Identity Security Insights consolidates the capabilities of PAM, CIEM, and ITDR, providing organizations with a robust toolset to preempt and neutralize identity-driven threats, exemplified by the recent discovery of the Okta Support breach.
Additional capabilities introduced in the past year include:
- Privilege Management for Windows and Mac: A new level of automation has been added to revolutionize the upgrade process, with a new auto update feature that helps customers drastically reduce the amount of manual work required from their IT and security teams.
- Password Safe: The introduction of a new Web Portal provides customers with a more intuitive, streamlined, and productive user experience to improve performance and accessibility.
- Workforce Passwords: This new add-on capability for Password Safe helps customers manage business application user passwords and non-SSO applications without additional complexity and with the enterprise-level security.
- Privileged Remote Access: The introduction of Cloud Infrastructure Access functionality, including ephemeral Jump clients, enables developers, cloud ops engineers, and technical workers to securely and more easily access critical cloud platforms, applications, and data.
- Remote Support: Real-time chat translation is now available via an integration with AWS Translation Services, enabling reps to provide localized support chat to their customers in over 75 languages in real time, without a language barrier.
- Privilege Management for Unix/Linux & Active Directory Bridge: The introduction of support for cached policies and logging enables organizations with Linux workstation deployments to keep users productive and estates secure, regardless of the presence of unreliable connectivity.
In addition to significant product releases, BeyondTrust demonstrated its ongoing commitment to serving the evolving needs of its customers with several security-focused initiatives:
- ISO 27001:2022 Re-certification: Alignment with the new ISO 27001:2022 control establishes a structured approach to managing and preserving sensitive information and serves as a testament to BeyondTrust’s all-encompassing Information Security Management System (ISMS), covering the development, operation, and administration of its products.
- Participation in the Amazon Web Services (AWS) Independent Software Vendor (ISV) Workload Migration Program (WMP): Customers benefit from a streamlined transition to the cloud that upholds robust security and compliance standards.
- Enhancement of the PartnerTrust: Deeper partner engagement facilitates more successful customer outcomes in a collaborative partner ecosystem.
- FedRAMP Moderate “In-Process” Status: FedRAMP authorization will increase BeyondTrust’s capacity to serve federal agencies and deliver secure cloud deployment and achieving “In-Process” status has already helped the company to achieve record growth in the public sector in 2023.
- BeyondTrust and Carahsoft Grants Support Program: Public sector agencies, educational institutions, and tribal communities benefit from grants information, customized funded research, and consultation as they develop project ideas, get technology-rich projects funded, and expand initiatives.
“We achieved significant momentum in 2023, driven by robust revenue growth, product expansion, and industry and partner recognition,” said Janine Seebeck, CEO, BeyondTrust. “I take great pride in our employees and partner ecosystem for their dedicated efforts in service of our customers, and I am excited for the year ahead as we continue to help our customers solve their identity security challenges.”
