Osirium Technologies plc (AIM: OSI), the leading UK-based vendor of Privileged Access Management (PAM) solutions, has promoted sales director Stuart McGregor to the position of chief executive officer (CEO). He brings to the role more than 25 years’ experience in the IT industry, including 12 years in PAM. He has substantial commercial and technical expertise – including four years as a developer.

Stuart replaces David Guyatt, who becomes Executive Chairman.

Stuart has been a driving force behind Osirium’s recent remarkable success, tripling its customer base in three years through winning new clients from an increasing range of sectors and geographies. The initial contract value for new customers increased 93% over the course of 2022 alone.

He has also spearheaded a number of internal transformations, bringing the development, product engineering, sales and marketing departments closer together, co-ordinating their activities, and streamlining all delivery processes to increase efficiencies and ensure all customers get a consistently best-in-class experience.

Osirium’s strategy for 2023 includes a continued focus on building its services through the introduction of new capabilities to its product set. In addition to Osirium’s core PAM product, there has been a considerable growth in demand during 2022 for its privileged process automation (PPA) and privileged endpoint management (PEM) solutions.

Stuart aims to expand the company across new and existing territories, while increasing existing customers’ value through cross-selling and upselling. The strong relationships Osirium has with its global channel partner network will remain crucial to its success, enabling it to enter and transact in new markets without needing a physical presence there.

Stuart McGregor explains: “As a channel-first organisation, we have a track record of supporting and developing our partners, and we’ll continue to do so. This strategy will enable us to remain agile while delivering efficient business growth.”

A key priority for Stuart is to boost Osirium’s profile in the market. He says: “We have all the components in place – an innovative product suite, the right teams, and a healthy customer pipeline. There’s a lot of energy and enthusiasm here, and our solutions and people are supporting customers to rapidly deploy projects with success. The clarity of our messaging and solution set is another advantage; many of our competitors have multiple complex products, which creates confusion and uncertainty for prospects.

“The demand for PAM is on the rise, and now we need to increase our traction in the market by communicating why we’re different. This involves emphasising our role as a trusted advisor; customers place great value on the way we engage, support, educate and nurture them throughout the sales process.”

Stuart is also keen to demystify PAM. “The market’s ready for it. There’s been a trait in the industry to want to create an air of mystery, but the journey to PAM shouldn’t be one of magic, complexity and jargon. As it enters the mainstream, and demand for solutions increases, Osirium will play a leading role in enabling organisations of all sizes to strengthen their security posture with PAM – not only huge enterprises with big budgets.”

Prior to joining Osirium in 2019, Stuart McGregor was sales director for PAM vendor Bomgar, where he established an EMEA operation and led the UK and Northern Europe sales teams. He was also a member of Bomgar’s global leadership team and managed the integration of sales operations of the acquired Lieberman, Avecto and BeyondTrust businesses.

In his early career, Stuart worked in coding as a developer for around four years, before going on to manage projects for a further five to six years.

Stuart has also held sales and consulting management positions at EMC, UK start-up software company Thunderhead, BroadVision and Oracle.