Prevalent Closes 2023 with Record-Setting Results as New and Existing Customers Expand Their Third-Party Risk Management Programs
PHOENIX, AZ – January 9, 2024 – Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced a record-breaking year with outstanding annual recurring revenue growth, channel growth, and customer traction. Expanding on the company’s momentum from the first half of 2023, Prevalent:
- Increased annual recurring revenue (ARR) by 25% over 2022
- Achieved 31% growth in existing customer expansion business
- Grew channel-sourced new business by 107%
“In today’s volatile economic environment, I’m so pleased that we’ve experienced strong growth across all channels year over year,” stated Kevin Hickey, CEO of Prevalent. “As companies continue to face new third-party risks, an ever-evolving cybersecurity landscape, supply chain risks and new compliance rules and regulations, companies are putting their trust in our leading TPRM platform. As we look forward to 2024, we will drive product innovation, ensuring organizations remain resilient against today’s third-party threats and business disruptions.”
In the second half of 2023, Prevalent:
- Introduced the world’s first AI-powered third-party risk advisor, enabling organizations to achieve unmatched speed and scale during third-party risk analysis processes
- Set the standard for understanding how AI impacts third-party risk with recommendations on leveraging the NIST AI Risk Management Framework, AI security questions to ask vendors, the risks of using AI, where to get more information on AI and ML, and how to use AI in TPRM use cases
- Published updated third-party risk management guidance on the forthcoming NIST Cybersecurity Framework 2.0, finalized SEC Cybersecurity Disclosure Rules, Shared Assessments Standard Information Gathering (SIG) 2024, Canada OSFI B-10, and Quebec Law 25
- Issued 2024 Top 10 Predictions for the third-party risk management, supplier risk management, and vendor risk management markets
- Achieved new industry leadership recognition including being named a Technology Leader in the Quadrant Solutions SPARK Matrix for Vendor Risk Management, and listed as a representative vendor in the Gartner Market Guide for Supplier Risk Management Solutions
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 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.