Company Poised for Aggressive Growth as Worldwide Demand Accelerates for Identity Management Solutions
London, UK – 1 February 2005 – Thor Technologies, a leading provider of identity management software, today announced that its revenue has grown by more than 100 per cent in 2004, compared with 2003, and with a healthy portfolio of new customers, the company is well positioned for further growth in 2005. Throughout 2004, Thor signed a number of new customers and achieved significant implementation milestones across existing customer deployments. The company’s solutions are now utilised by blue-chip customers on four continents to reduce security risks, ensure compliance with corporate policies and external regulations, increase productivity and dramatically reduce the cost of managing users’ access to valuable corporate resources.
Identity management has become a strategic tool in today’s business environment, as organisations face greater security risks, due to increased access requirements to IT systems by outside users via web-based infrastructures. According to the analyst firm Datamonitor, the total market for identity management products and services is set to grow from 2003 revenues of £2.3bn to £3.3bn by 2007 at a compound annual growth rate (CAGR) of 9.9%, with provisioning accounting for the highest rate of growth of 24% CAGR.
In addition to quadrupling its blue-chip customer base, Thor has further enhanced its industry position through the infusion of additional capital from existing investors, continued product innovation, the addition of key executives and a continued focus on strategic partnerships.
Thor’s 2004 highlights include:
•Securing £7.9 million in additional funding to expand
sales, marketing, product development and strategic
•Signing multiple new customers, including:
-One of the world’s top-ten largest banks, based in the UK
and operating in over 60 countries.
-A premier Wall Street investment banking firm with
operations in over 20 countries.
-The seventh largest US finance company, representing
a Japanese manufacturer.
-The Outsourced Services business of the world’s third
largest provider of IT services, which has 91,000
employees in 80 countries.
-One of the world’s leading residential furniture
producers, with annual sales of £1.1 billion.
•Releasing Xellerate Identity Manager (XellerateIM) 8.0,
including Xellerate Password Manager (XelleratePM) and
Xellerate Audit & Compliance Manager (XellerateACM.
•Expanding the company’s management team to include Michael
Burling as vice president of international sales and Jim
Fitzgerald as vice president of sales, the Americas.
•Expanding the company’s global presence to six offices in
three continents including India, Los Angeles and
•Receiving multiple industry accolades, including, Thor
customer, Lehman Brothers receiving an award at the 2004
Digital ID World show, for its highly comprehensive
provisioning implementation, and Red Herring magazine’s
selection of Thor as one of its Top 100 Innovators award
•Hosting two highly successful customer Technical Advisory
Council (TAC) events that provided Thor customers and
partners with the opportunity to share experiences and
“2005 will be a key year for the identity management marketplace,” said Earl Perkins, vice president, Security & Risk Strategies Technology Research Services at META Group, Inc. “Customers will be looking for solution providers that have strong partnerships with global technology vendors and integrators, mature architectures and rich feature sets that are going to meet their provisioning business requirements quickly. Vendors providing these capabilities will succeed this year.”
“Our relationship with Thor grew significantly in 2004 as a direct result of listening to our customers’ needs and requirements for a complete identity and access management solution,” said Scott Schnell, senior vice president of marketing and professional services for RSA Security. “Working with Thor allows our combined offerings to provide customers with a best-of-breed solution that is unmatched in its ability to support complex business and technology requirements.”
“As 2005 sees an increase in identity management deployments, we will remain committed to customer satisfaction and focused on maintaining our track record of one hundred per cent referenceability across our customer base, whilst building upon our existing partner eco-system,” said J. Alberto Yépez, chairman and CEO, Thor Technologies. “With a growing sales force and more than 200 qualified consultants, we are well on our way to meeting 2005 corporate milestones.”
Tel: +44 (0) 1932 268456
Jon Chambers/Caroline Atkins
Tel: +44 (0) 1494 434434
About Thor Technologies, Inc.
Since 1991, Thor Technologies has provided secure enterprise provisioning solutions to Global 2000 companies and public sector agencies, including application service providers, and financial services and telecommunications companies. Thor’s Xellerate® secure enterprise provisioning system enables enterprise customers to rapidly automate the management of user access rights, which significantly improves security while lowering administrative costs. Xellerate can be implemented without changes to existing IT infrastructure, or internal business processes or policies. In addition, Thor’s unique Adapter Factory® technology allows customers to extend Xellerate’s standard connectivity to support additional application targets.
Thor Technologies EMEA office is based in Weybridge, Surrey. For more information, please visit www.thortech.com, or contact the company at email@example.com or
1-800-274-8467 in North America and +44 (0) 1932 268 463 in the UK.
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