Request Demo

Prevalent Acquired by Mitratech: A New Era for Third-Party Risk Management Starts Today

Learn how our combined companies offer unparalleled coverage of risks across the enterprise.
By:
Kevin Hickey
,
Chief Executive Officer
October 02, 2024
Share:
Blog mitratech prevalent 1024 3

Prevalent has been acquired by Mitratech, a 35-year global leader in legal, risk management, and HR solutions! This acquisition is a natural progression for both companies as we seek to advance our leadership in the rapidly evolving third-party risk management (TPRM) and enterprise risk management markets. It will bring together Mitratech’s global resources and expertise in legal and risk management with Prevalent’s established TPRM leadership in information security and supplier risk management.

I’d like to share what this exciting milestone means for our customers and the third-party risk management market in general, and explain why I’m thrilled about this next evolution for Prevalent.

What This Acquisition Means for Our Customers: Access to Greater Resources and Broader Enterprise Risk Management Capabilities

First, I want to assure our Prevalent customers that there will be no immediate changes to their account manager, customer success manager, services, or customer support. These activities will continue uninterrupted.

As a new Mitratech customer, you will benefit in the coming weeks and months from expanded global reach, additional resources, and accelerated product investment. Prevalent customers should expect an even more aggressive roadmap aimed at further automating third-party risk management through next-generation AI enhancements, expanded continuous monitoring capabilities, and centralized vendor management with tie-ins to Mitratech’s broader enterprise risk management solution. We will be providing more details soon, including a webinar to orient you to Mitratech and this collaboration.

Our companies are also well aligned in our core values. What that means for you is a focus on transparency, ownership, and continuous improvement, as well as customer-centered innovation and world-class support.

As Mike Williams, Mitratech CEO, says, we are committed to making this a seamless and advantageous transition for you and your team. Watch Mike’s brief video introduction to Mitratech and learn what’s in store for our immediate future:

Why This Acquisition: Increasingly Aggressive Threats and a Complex Regulatory Environment Require Cross-Enterprise Collaboration

Our annual Third-Party Risk Management Study showed that 61% of companies experienced a third-party security incident in the last year, up 49% over 2023 and up by a factor of three since 2021. In addition, regulators are becoming increasingly active in ensuring that third-party risks are addressed as part of broader compliance mandates around the world. As the study noted, success in mitigating third-party risks requires cross-enterprise collaboration between multiple stakeholders, including information security, risk management, procurement, and other teams.

Together, Mitratech and Prevalent deliver capabilities that will unite teams in a common enterprise risk management framework that includes policy management, ESG management, internal controls, third-party cyber risk management, and much more – driving greater transparency, efficiency, and ultimately operational resilience.

What’s Next?

I’ve never been more excited about the future of Prevalent than I am today. With greater resources at our disposal, expanded product and services capabilities, and with our organizations’ cultural alignment, we are poised to define a new era for third-party risk management for our customers.

For more on today’s announcement, be sure to watch the above video and read the press release. Watch for more exciting announcements coming soon!

Tags:
Share:
Hickey 119
Kevin Hickey
Chief Executive Officer

Kevin Hickey brings a strong history of software operations, strategy, capital fundraising, and mergers and acquisitions to his position as Chief Executive Officer. He joined Prevalent from BeyondTrust, where he led a successful turnaround that doubled the company’s revenue. Kevin joined BeyondTrust by way of the company’s acquisition of eEye Digital Security, where he served as CEO and Chairman. Under Kevin’s leadership, eEye experienced significant growth, launched several 'market-first' security solutions and brought the company back to category leadership.

Prior to joining eEye, Kevin was CEO of NetPro Computing, where he helped grow the business before concluding its very successful sale to Quest Software. Kevin has also served as the president and CEO of Homebid.com, where he secured funding and eventually sold the business to industry leader HomeStore.com. During his seven years as president and COO at Viasoft Inc., Kevin led the company through a successful initial public offering prior to its sale. Kevin started his IT career at IBM, serving in several key marketing and executive business management roles.

Related Posts
  • Ready for a demo?
  • Schedule a free personalized solution demonstration to see if Prevalent is a fit for you.
  • Request a Demo