IT Glue's established, flagship documentation service helps MSPs to become more efficient. Now, the company is expanding its cloud platforms to help MSPs monetize end-customer services.
The latest move involves MyGlue -- which will allow MSPs to build a new recurring revenue stream by bringing the power of documentation and password vaulting downstream to their clients, CEO Chris Day tells ChannelE2E.
"This is a game changer for our partners because MyGlue changes IT Glue from an operational cost to a revenue generator, creating further stickiness with their clients," Day asserts.
He also says MyGlue will be priced aggressively -- actually, 'disruptively' -- to ensure MSPs enjoy healthy margins. For example: While consumer offerings like LastPass cost about $4 per user per month, IT Glue's approach costs as little as $0.20 per user per month with far more functionality, Day says.
IT Glue and MyGlue: Past, Present, Future
Preliminary MyGlue details for existing MSP partners will surface during an IT Glue webcast later today. An official announcement designed for the broader market is expected sometime thereafter, according to Director of Marketing Holly Pateman.
No doubt, IT Glue has evolved and grown rapidly over the past year or two. The company's core IT documentation software caught on with MSPs, rapidly lifting IT Glue's annual recurring revenues beyond the $25 million mark in 2017. More recently, IT Glue acquired Cenersys and confirmed plans for a partner conference (dubbed GlueCon), which will debut in September 2018.
But where exactly does MyGlue fit into the overall IT Glue strategy? In an email interview with ChannelE2E, Day pulled back the curtain a bit more on MyGlue.
Chris Day Further Explains MyGlue
Here's a sampling of the conversation...
ChannelE2E: What exactly is “password vaulting”? What’s the definition, just so ChannelE2E and our readers are clear on the topic.
Day: Password vaulting is the ability to securely store, secure (restrict), access and audit passwords. It's similar to something like LastPass, which is very popular for personal password management. We similarly have a mobile app and browser plug-in to make it easy (while being secure) to manage passwords in a business setting. The cool part of our solution is that it's tightly integrated with two-way controls between the MSP and their customer.
ChannelE2E: So are you basically extending document management and password management out from the MSPs to the end-customer, so that the MSP can generate recurring revenues and the customer becomes more efficient/secure?
Day: Yes, 100%. We think the quick path to market for MSPs is to address the password vaulting issue, but our platform of course goes far deeper and this is extended in MyGlue. So, when MSP customers are ready to start defining and standardizing business processes in their business (e.g. HR, Finance, Marketing, Sales, whatever...) the platform will support them the way our platform supports documenting technical things for MSPs.
ChannlE2E: Are there any potential synergies between Cenersys and MyGlue?
Day: Definitely, we can see leveraging an on-site Autopilot (Cenersys) appliance to help with common tasks like password resets.
Potential Competition?
Of course, IT Glue isn't the first company to offer end-user security and password management type services via MSPs to end customers.
For instance, Kaseya is in the market with AuthAnvil -- and demand for that service has been surging, according to GM Jim Lippie, who shared some anecdotes with ChannelE2E during a Florida conference earlier this month. Also, Passportal offers an MSP-centric password management service, and has been extending into document management as well.
Still, Day insists the IT Glue platform is more fully featured in terms of the overall document and password management capabilities, and downplays potential competition in the market.
