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Cybersecurity · head to head

Delinea vs ThetaRay

Delinea logo

Delinea

Cybersecurity

Privileged access management from the merged Thycotic and Centrify

From
On request
Rated
-
Full reviewWebsite
ThetaRay logo

ThetaRay

Cybersecurity

Unsupervised AI transaction monitoring for cross-border and correspondent banking

From
On request
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: Delinea the Thycotic and Centrify lineages are integrated unevenly, so buying the full portfolio means running consoles and agents that do not share one administrative model as cleanly as the marketing suggests.; ThetaRay unsupervised models are harder to justify to an examiner than explicit rules, and some regulators still expect documented threshold logic, which can force you to run both systems.
  • They diverge on capability: Delinea covers Secret Server, ThetaRay covers Unsupervised detection.
  • Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which Delinea and ThetaRay actually diverge.

Attributes where Delinea and ThetaRay differ
AttributeDelineaThetaRay
PlatformsWeb, Windows, Linux, macOSWeb

Identical on both: starting price (On request), pricing model (quote), free tier (No), user rating (Not yet rated), category (Cybersecurity).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Delinea

  • Secret Server
  • Privileged session recording
  • Privilege Manager
  • Server PAM
  • Discovery
  • DevOps secrets
  • Behaviour analytics

Only in ThetaRay

  • Unsupervised detection
  • Cross-border focus
  • Sanctions screening
  • Alert triage
  • Customer risk scoring
  • Cloud native

What people use each for

The jobs each tool is most often brought in to do.

Delinea

  • An organisation whose cyber insurer now requires privileged credentials to be vaulted and rotatednot ThetaRay
  • A mid-market IT team that abandoned a heavier PAM rollout and needs a vault that can be in production in weeksnot ThetaRay
  • A company removing local administrator rights from every workstation after a ransomware incidentnot ThetaRay
  • An audit finding that shared service account passwords are stored in a spreadsheet and used by contractorsnot ThetaRay

ThetaRay

  • A correspondent bank that cannot see the ultimate originator and needs behavioural signals rather than counterparty listsnot Delinea
  • A cross-border payments fintech whose rules engine produces more alerts than its compliance team can clearnot Delinea
  • A bank under a regulatory consent order needing demonstrable improvement in detection within a fixed periodnot Delinea
  • A payment institution entering a high-risk corridor where existing thresholds were calibrated on domestic trafficnot Delinea

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Delinea

  • The Thycotic and Centrify lineages are integrated unevenly, so buying the full portfolio means running consoles and agents that do not share one administrative model as cleanly as the marketing suggests.
  • Modules are licensed separately by different units, per privileged user for the vault and per endpoint for privilege management, which makes total cost hard to model and easy to underestimate at scale.
  • Delinea does not publish rates, so buyers benchmark against third party and public sector listings; expect list prices to be negotiable by a wide margin, which means the first quote is not the price.
  • Thoma Bravo ownership since 2021 has coincided with firmer renewal pricing, and buyers with a single-vendor PAM estate have little leverage once credentials are inside the vault.
  • Migrating out of a privileged access vault is a genuinely hard project because every automated process that fetches a secret has to be repointed, so the switching cost is real and the vendor knows it.

ThetaRay

  • Unsupervised models are harder to justify to an examiner than explicit rules, and some regulators still expect documented threshold logic, which can force you to run both systems.
  • The alert reduction claim depends heavily on your data, so a parallel run is essential and adds months and cost before you can decommission the incumbent.
  • Coverage is strongest in cross-border and correspondent flows; institutions whose risk is domestic retail fraud will find the fit weaker than a general-purpose monitoring platform.
  • It is a smaller vendor than the incumbents, so integration connectors into legacy core banking systems are often bespoke work rather than a supported adapter.
  • Model retraining and tuning are vendor-led, which means changing detection behaviour is a support conversation rather than something your own analysts can do that afternoon.

Pricing, plan by plan

Delinea

On request
  • Secret Server$undefined/year
    • Priced per privileged user, tiered by edition
    • Cloud or on premises deployment
    • Session recording in higher editions
  • Privilege Manager$undefined/year
    • Priced per endpoint
    • Local admin rights removal and application elevation
    • Licensed separately from Secret Server
  • Server PAM$undefined/year
    • Priced per managed server or per privileged user
    • Just-in-time server access
    • Licensed separately

ThetaRay

On request
  • ThetaRay Sonar$undefined/year
    • Priced by monitored transaction volume and number of monitored entities
    • SaaS on Azure with regional data residency options
    • Parallel run and model tuning included in onboarding

Which should you pick?

Choose Delinea if

  • You need secret server.
  • You work on Web, Windows, Linux, macOS.
  • You also want privileged session recording.
Delinea review

Choose ThetaRay if

  • You need unsupervised detection.
  • You also want cross-border focus.
ThetaRay review

Questions people ask

Is Delinea or ThetaRay better?
Neither clearly leads. Delinea starts at On request and ThetaRay at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Delinea or ThetaRay?
Delinea starts at On request and ThetaRay at On request.
Does Delinea or ThetaRay run on more platforms?
Delinea runs on Web, Windows, Linux, macOS. ThetaRay runs on Web.
What is Delinea best used for?
Delinea is most often used for an organisation whose cyber insurer now requires privileged credentials to be vaulted and rotated, a mid-market it team that abandoned a heavier pam rollout and needs a vault that can be in production in weeks, a company removing local administrator rights from every workstation after a ransomware incident, an audit finding that shared service account passwords are stored in a spreadsheet and used by contractors. Of those, an organisation whose cyber insurer now requires privileged credentials to be vaulted and rotated and a mid-market it team that abandoned a heavier pam rollout and needs a vault that can be in production in weeks are not what ThetaRay is typically brought in for.
What can Delinea do that ThetaRay cannot?
Delinea covers Secret Server, Privileged session recording, Privilege Manager, Server PAM. ThetaRay covers Unsupervised detection, Cross-border focus, Sanctions screening, Alert triage.

Answered from the vendors’ own pages

Delinea: Is Delinea the same as Thycotic?

Delinea is the merged company formed from Thycotic and Centrify in 2021. Secret Server is the former Thycotic product; the server access products come from Centrify.

ThetaRay: Does it replace a rules engine entirely?

Rarely on day one. Most institutions run it alongside existing rules during a parallel period, and some keep specific regulator-mandated rules permanently.

Delinea: Is pricing published?

Not by Delinea. Public sector frameworks have listed Secret Server Cloud around 348 GBP per user per year, which is a reference point, not a quote.

ThetaRay: Where is the data processed?

SaaS runs on Microsoft Azure with regional deployment options, which is the mechanism for meeting data residency conditions in regulated markets.

Delinea: Does one licence cover endpoints and servers?

No. Secret Server, Privilege Manager and Server PAM are separately licensed on different units. Scope all three if your requirement spans them.

ThetaRay: Is sanctions screening included?

Screening is available on the same platform but licensed as part of the commercial package rather than bundled by default. Confirm it is in your quote.

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