Prevalent Receives $8 Million in Series B Financing
Spring Mountain Capital Leads Latest Equity Financing Round to Accelerate Company Growth and Product Innovation
Jan 13, 2016, 02:00 ET
WARREN, N.J., Jan. 13, 2016 /PRNewswire/ -- Prevalent, Inc. ("Prevalent" or the "Company"), a leader in vendor risk management and cyber threat intelligence, today announced it has raised $8 million in a Series B financing led by Spring Mountain Capital, with participation from existing investor Fulcrum Equity Partners. With the new investment, Jamie Weston, a Managing Director in Spring Mountain Capital's Private Equity Group, will join Prevalent's Board of Directors.
"This is a great opportunity for us to be a part of the pioneers of 3rd party risk management and cyber threat intelligence," said Jamie Weston, Managing Director at Spring Mountain Capital. "Prevalent is scaling their business at an incredible rate while developing new capabilities, which continue to demonstrate Prevalent's thought leadership. I am excited to work with this very talented leadership team."
Prevalent is a leader in 3rd party risk management and continuous threat intelligence monitoring, providing solutions that companies use to monitor and assess the IT risks posed by their vendors and third parties. Prevalent's software solutions allow companies to more efficiently manage the vendor assessment process and gain more objective, contextualized, and real-time information on their vendors. Gartner has recently named Prevalent a Visionary for IT vendor risk management. The equity financing round will accelerate Prevalent's commercialization efforts and help bring the Company's market-leading software products to a broader audience.
"We are excited to partner with Spring Mountain Capital and Fulcrum Equity Partners to continue our growth strategy. We also welcome Jamie Weston to our Board of Directors," said Jonathan Dambrot, CEO and Co-Founder of Prevalent. "2015 was a record year for us and with this new funding, we are well positioned to rapidly expand our global reach and accelerate the development of our leading software and threat intelligence platform," added Norman Menz, CTO and Co-Founder of Prevalent.
"We are very pleased to back the world class team at Prevalent as they continue on their strong growth trajectory," said Jim Douglass, Partner at Fulcrum Equity Partners. "We look forward to the company's innovative advancements in 2016 and beyond."
About Spring Mountain Capital
Founded in 2001 and located in New York City, Spring Mountain Capital, LP ("SMC") is a private investment management firm that focuses on alternative asset investing. SMC's Private Equity Group provides expansion stage capital to lower middle market companies that are capitalizing on breakthrough innovations, paradigm shifts, or fundamental market or behavioral changes. The Private Equity Group at SMC focuses on two sectors of the U.S. economy with the most change and highest growth potential: technology-enabled and healthcare businesses. Within these high growth areas, it seeks to make value investments by capitalizing on market dislocations, information asymmetry, illiquidity, and complexity. For more information, visit: www.springmountaincapital.com.
About Fulcrum Equity Partners
Fulcrum Equity Partners is an Atlanta-based growth equity firm focused on providing expansion capital to rapidly growing companies. Fulcrum targets companies that are looking to raise $5 million - $15 million and will consider $2-$3 million initial investments in companies that expect to raise additional capital over time. Fulcrum will consider investments in a wide variety of industries with an emphasis on information technology, healthcare and technology enabled operating companies. Fulcrum provides financing to meet a wide range of needs including internal growth initiatives, acquisitions, divestures, shareholder liquidity and recapitalizations. The partners have over 125 years of relevant experience, including operations, venture capital, mezzanine financing, accounting, law, investment banking and strategy consulting. To learn more, please visit www.fulcrumep.com.
About Prevalent
Prevalent is a vendor risk management and cyber threat intelligence analytics innovator with a reputation for developing cutting-edge technologies and highly-automated services that are proven to help organizations reduce, manage and monitor the security threats and risks associated with 3rd & 4th party vendors.
For more information regarding Prevalent, visit www.prevalent.net; email info@prevalent.net; or call 877-PREVALENT.
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CONTACT: Betsy Walker, 908-212-1775
SOURCE Prevalent, Inc.
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