Prevalent Achieves Record-Breaking First Half of 2022 with Over 50% Growth, Solidifying TPRM Leadership Position
PHOENIX, AZ - July 1, 2022 – Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced significant new and existing customer traction, driving record-breaking revenues in every facet of the business for the first half of 2022. Prevalent:
- Grew new business product revenue by more than 50% over H1 2021, with 90% growth in new customer acquisitions
- Increased annual recurring revenue (ARR) by 57% YoY
- Achieved a gross retention rate of over 90% and an industry-leading Net Promoter Score® of 63, demonstrating extremely high levels of customer satisfaction
“In the first half of this year, we continued to achieve strong results,” stated Kevin Hickey, CEO of Prevalent, Inc. “We partnered with our existing customers and saw continued expansion as they scaled and matured their TPRM programs. Our impressive new logo growth validates our approach to helping companies identify and remediate risk across every stage of the vendor lifecycle."
In H1 2022, Prevalent:
- Introduced two innovative solutions, RFx Essentials and Contract Essentials, to automate and add risk intelligence to vendor selection decisions and contract lifecycle management, helping organizations gain control over third-party risk during the earliest stages of the vendor risk lifecycle
- Published the definitive annual Third-Party Risk Management Study: TPRM at the Crossroads, providing deep insights for organizations to benchmark current internal practices against their peers
- Provided compliance guidance to help organizations understand new supply chain and business resilience requirements dictated in NIST 800-161r1, Bank of England Prudential Regulation Authority Supervisory Statement SS2/21, as well SOC 2 and new ESG compliance regimes
- Introduced free resources and best practices to address the Russian invasion of Ukraine and resulting supplier reputational and sanctions risks, the Lapsus$ breach of Okta, and the Toyota supply chain disruption
- Achieved recognition as a 2022 Gartner Peer Insights™ Customers’ Choice for IT Vendor Risk Management Tools with a high percentage of customers willing to recommend Prevalent compared with other VRM tools
- Demonstrated market leadership with the publication of Risk-Based Management of Third-Party Cybersecurity Exposures, a report from analyst firm TAG Cyber that illustrates how the Prevalent platform aligns with the elements of their third-party risk framework
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 and suppliers and throughout the third-party risk management lifecycle. 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, angelique@silverjacket.net