Prevalent Kicks Off 2023 with Record-Breaking First Quarter
PHOENIX, April 11, 2023 – Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced a record-breaking start to 2023 with tremendous customer traction and revenue growth. Continuing momentum from an outstanding 2022, in Q1 2023, Prevalent:
- Grew new business billings by 64% over Q1 2022, driven by new logo billings nearly doubling
- Increased annual recurring revenue (ARR) by 32% over Q1 2022
- 35% of customers have expanded their programs over the past 12 months
“Organizations continue to turn to Prevalent to help them address growing third-party vendor risks in their supply chains,” said Kevin Hickey, CEO of Prevalent, Inc. “More and more we’re seeing not only IT security teams concerned with third-party risks, but also procurement, audit and risk management teams that have their own unique set of requirements. Our first quarter results demonstrate that Prevalent is well-positioned to meet ever-evolving vendor and supplier risk management needs across the third-party risk lifecycle.”
In Q1 2023 Prevalent:
- Partnered with IBM to build cyber resilience into supplier ecosystems, protecting critical supply chains and third-party ecosystems with expert security services and software.
- Expanded the Automated Document Analytics engine and profiles in the Prevalent Platform to automatically scan and map supporting evidence such as an ISO, SOC 2 and information security policy against survey responses to automatically identify and classify risks.
- Enhanced comparative analytics and anomaly detection capabilities in the Prevalent Platform across cyber, operational resilience, reputational compliance and financial risk domains.
- Published guidance on meeting the third-party risk management requirements in several regulatory and industry frameworks, including the Singapore Personal Data Protection Act (PDPA) and Monetary Authority of Singapore (MAS), NYDFS 23 NYCRR 500, US Financial Interagency Guidance, ISO, and the EU Corporate Sustainability Reporting Directive (CSRD).
- Provided recommendations to address the NBA data breach and to prepare for software supply chain attacks.
- Delivered TPRM best practices for measuring KPIs and KRIs, third-party risk managed services outsourcing, third-party risk assessments and third-party monitoring, vendor offboarding, and environmental, social and governance (ESG) in supplier risk management.
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