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Prevalent Achieves Record-Setting Third-Party Risk Management Growth in First Half of 2024

Leading TPRM provider realizes significant YoY ARR growth and an exponential increase in channel-sourced new business while introducing market-leading features.
July 10, 2024
News q3 momentum 1021

Phoenix, AZ – July 10, 2024 – Prevalent, Inc., the company that simplifies third-party risk management (TPRM) and a market leader, announced today that it has achieved significant traction with both new and existing customers, driving record-breaking revenue and business milestones for the first half of 2024.

In the first half of 2024, Prevalent:

  • Increased annual recurring revenue (ARR) by more than 23% year-over-year
  • Achieved 48% growth in existing customer expansion business
  • Grew channel-sourced new business by 195%
  • Maintained cash flow profitability

"In the first half of this year, we continued to deliver record-breaking results," said Kevin Hickey, Prevalent CEO and President. "We partnered with our existing customers, seeing greater expansion as they scaled and matured their TPRM programs to address ever-evolving threats and risks. Our impressive new business growth validates our approach to helping companies identify and remediate risks across every stage of the vendor lifecycle."

H1 2024 Business Highlights:

  • Innovative Platform Release: Prevalent introduced their TPRM Platform version 24-Q2, featuring cutting-edge AI-based Prevalent FastTrack Assessment and Vendor Threat Monitor capabilities. These advancements set a new standard in the industry, enabling organizations to streamline and enhance their risk management processes.
  • Annual TPRM Study Results: Prevalent’s annual Third-Party Risk Management Study revealed critical insights, including that 61% of organizations have reported a third-party data breach, yet 50% still rely on spreadsheets to manage their third parties. These findings underscore the urgent need for advanced TPRM solutions.
  • Regulatory Compliance Guidance: The company issued comprehensive guidance to help organizations address third-party risk management requirements in compliance regulations, focusing on global AI frameworks (with a special emphasis on the EU AI Act), ESG regulations, the EU Corporate Sustainability Due Diligence Directive, NIST CSF 2.0, PCI DSS, and TISAX. This guidance empowers organizations to stay ahead of evolving regulatory landscapes and maintain robust compliance postures.

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 from working with vendors and suppliers throughout the third-party 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.