Third-Party Risk Management Leader Closes 2020 With Record-Breaking Year
Significant customer and partnership growth combined with industry recognition and product innovation expands Prevalent's leadership position
Jan 13, 2021, 09:05 ET
PHOENIX, Jan. 13, 2021 /PRNewswire/ -- Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced a very strong 2020, setting the stage for an exceptional 2021. In 2020, Prevalent:
- Grew worldwide new business revenue every quarter, with annual new business up near 30%
- Realized 43% growth in existing accounts
- Achieved 74% growth in annual recurring revenue (ARR) for customers acquired since the introduction of the new Prevalent Platform
- Increased average deal size by 37%
- Grew its Vendor Threat Monitor solution by 76%, as customers continued to unify their assessment and continuous monitoring solutions for closed-loop risk correlation and reporting
"As the first quarter of 2020 came to a close, we were – like most businesses – very unsure of how the year would progress," stated Kevin Hickey, CEO of Prevalent, Inc. "I'm extremely proud of what we've been able to accomplish as an organization in light of these difficult circumstances and the advancements we've made in the third-party risk management market. Customer growth and being named a Gartner Magic Quadrant Leader confirms that what we're doing is working. I'm excited to see what more we can accomplish for our customers in 2021."
Prevalent's 2020 highlights include:
Offered Free Business Resilience Resources to Help Customers Overcome COVID-19-Related Supply Chain Challenges
- Introduced a free version of the Prevalent Third-Party Risk Management Platform geared to helping customers assess their and their suppliers' business resilience risks in the face of possible supply chain disruptions resulting from the pandemic.
- Published free templates and questionnaires for companies to use to adapt to their own organizational business continuity requirements.
Delivered Market-Leading Product Innovation to Automate, Accelerate and Bring Greater Intelligence to TPRM
- Announced the industry's first end-to-end Vendor Intelligence Network, empowering procurement, security and risk management teams to quickly assess and mitigate third-party risk at every stage of the vendor lifecycle. In this release, the company introduced cyber, business and financial scorecards for the Prevalent Exchange Network, Legal Vendor Network and Healthcare Vendor Network, providing organizations with continuous risk visibility into all vendors in the libraries that have completed standardized assessments.
- Brought the first Third-Party Marketplace to market, providing vendors the power to take control of annual security assessments and significantly save time.
- Introduced Jump Start, Prevalent packaged solutions that enable organizations of any maturity level to build a scalable TPRM or privacy program and attain results in 30 days or less.
- Delivered several significant updates to the Prevalent Third-Party Risk Management Platform including a new ServiceNow connector, BitSight integration, SLA tracking, an expanded API, workflow enhancements, inherent risk scoring and risk relationship mappings.
Expanded Expert Insights to Help Organizations Grow and Mature TPRM
- To help the community understand its exposure to the SolarWinds supply chain breach, Prevalent assembled a list of 7 essential questions to ask third parties in order to gauge their response to this incident.
- Published the results of two industry studies: The Path from Reactive to Proactive TPRM and The 3rd Rail of Security and Compliance. Each study surveyed risk management industry leaders and determined what the top TPRM challenges that were facing organizations and made recommendations to improve practices and maturity over time.
- Published guidance on automating and accelerating the process of addressing the TPRM compliance requirements for six industry regulations and standards including NYDFS, PCI-DSS, NERC-CIP, CMMC, SOC2 and CAIQ.
Expanded Global Reach and Partner Ecosystem
- Appointed 20-year industry veteran, Dan Buckley to the position of vice president of EMEA sales, where he is responsible for driving revenue and expanding the company's global footprint in Europe and beyond.
- Partnered with SecZetta to deliver a market-first integration of vendor risk intelligence to inform what type of access an individual from a vendor should be granted, closing a critical security gap for organizations.
- Broadened its presence in EMEA through a partnership with ACENSI, providing customers with the most comprehensive third-party risk management platform available to make better-informed risk decisions, eliminating third-party security and compliance threats.
- Announced a new partnership with Theorem Legal enabling customers to quickly and cost-effectively search for and gain insight into the security postures of vendors in the marketplace using Prevalent's Legal Vendor Network.
Received Third-Party Recognition Validating Company and Executive Leadership
- Named a Leader in the 2020 Gartner Magic Quadrant for IT Vendor Risk Management Tools. Prevalent moved from Visionary to Leader based on Gartner's criteria for completeness of vision and ability to execute, improving its position on both axes.
- Brenda Ferraro, Prevalent's vice president of third-party risk, was recognized by The Software Report in their Top 25 Women Leaders in Cybersecurity and by AZBigMedia as one of Arizona's Most Influential Women in Business.
- Prevalent received product review ratings between 4.5 and 4.7 out of 5.0 from customers in Gartner Peer Insights, G2 and Capterra.
"Prevalent has significantly reduced the time I have to spend managing our vendor due diligence process while achieving results that would be difficult and costly to replicate in-house," says a CISO in the financial services industry. "I recommend Prevalent to any company looking to efficiently manage their third-party risk."
About Prevalent
Prevalent takes the pain out of third-party risk management (TPRM). Companies use our software and services to eliminate the security and compliance exposures that come from working with vendors, suppliers and other third parties. Our customers benefit from a flexible, hybrid approach to TPRM, where they not only gain solutions tailored to their needs, but also realize a rapid return on investment. Regardless of where they start, we help our customers stop the pain, make informed decisions, and adapt and mature their TPRM programs over time.
Media Contact:
Angelique Faul
Silver Jacket Communications
513-633-0897
[email protected]
SOURCE Prevalent, Inc.
