WARREN, N.J., Nov. 17, 2016 /PRNewswire/ -- Prevalent, Inc., the leader in Third-Party Risk Assessment, Monitoring, and Collaboration, announced today it has closed a $60 Million Series C round led by private equity and venture capital firm Insight Venture Partners. The new capital will be used to fuel the company's continued global expansion and product innovation.
Managing data risk in an outsourced world has become the major challenge for security, compliance, procurement, legal, and executive management. Up to 63% of all data breaches are now due to the actions of third parties that are processing data or have access to sensitive systems. In addition, the process to understand and manage these risks is often being done manually - in legacy systems, with limited success - and too slowly for businesses to make better risk decisions.
Prevalent has led the way in developing a platform to reduce risk, reduce cost, and achieve real-time risk visibility to reduce external risks putting pressure on the business. Prevalent Synapse™ is a platform that includes Prevalent's threat intelligence monitoring, a vendor contributed assessment database, a leading risk management capability, and an ability to share information with other participants in the data supply chain to meet client and regulatory requirements. Prevalent Synapse is being used to support Global 2000 organizations as well as communities of peers in the legal, healthcare, mortgage, asset management, and higher education markets.
With more than 200,000 vendors being monitored and managed by Prevalent Synapse, organizations can quickly start their third-party risk program, gain instant visibility into their vendor community, and actively monitor these risks over the life of the relationship. "Prevalent leads the way in developing a secure, scalable, and cost effective solution to solve your third-party risk management and monitoring issues," said Norman Menz, co-founder and CTO of Prevalent. "The investment from Insight will enable Prevalent to accelerate its roadmap and offer even more value to our clients."
"We are incredibly excited to partner with Insight Venture Partners to drive Prevalent's thought leadership and growth. We are seeing incredible market validation for Synapse, our assessment, monitoring, and collaboration platform," said Jonathan Dambrot, CEO and co-founder of Prevalent. "Insight's expertise and support will help Prevalent realize its global strategy faster to reduce the risk of doing business in our interconnected world."
"We see a major market need for continued thought leadership and innovation in third-party risk management and cybersecurity," said Mike Triplett, managing director at Insight Venture Partners. "We are excited to add Prevalent to Insight's portfolio and assist in the continued growth of the business."
For more information on Prevalent and its Synapse platform, please visit www.prevalent.net
Prevalent is the leader in third-party risk management and cyber threat intelligence, helping global organizations manage and monitor the security threats and risks associated with third and fourth-party vendors. With the release of Prevalent Synapse™, organizations now have a purpose-built, unified platform that reduces both risk and cost in a shared assessment model, leveraging standardized content, automation, and threat intelligence.
Betsy Walker, Director of Marketing
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About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $13 billion and invested in more than 250 companies worldwide. Their mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. www.insightpartners.com
SOURCE Prevalent, Inc.