LogicGate Achieves Record Growth in 2023 Driven by Product Innovation and Expanding Enterprise Client Base

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Jan 24, 2024, 09:30 ET

Category Leadership Recognition, Significant Increase in Enterprise Sales Segment, and AI and Automation Releases Highlight Notable Achievements

CHICAGO, Jan. 24, 2024 /PRNewswire/ -- LogicGate, a leading provider of Governance, Risk, and Compliance (GRC) solutions through its Risk Cloud® platform, today announced record growth in 2023 positioning the company for accelerated progress and performance in 2024. LogicGate is at the forefront of GRC advancement, demonstrated by the company's expanded innovation pipeline, enriched end-user experience, increased enterprise customer base, coveted industry recognition and its distinctive company culture that has attracted and retained talented human capital.

LogicGate's commitment to accelerating GRC was recognized in December when named a Leader in The Forrester Wave™: Governance, Risk, And Compliance Platforms, Q4 2023 report. The company's Risk Cloud platform achieved the highest possible scores across eight criteria, including innovation, IT/cyber risk management, and, most notably, user experience. The Forrester Wave states, "LogicGate Risk Cloud's user experience is second to none — reference customers consistently gave it their highest rating compared with other vendors."

Delivering innovation at a rapid pace in 2023 further established LogicGate's strong market position, driving rapid expansion in enterprise customers, cultivating new partnerships, and expanding the company's international presence helping multinational organizations navigate global security and privacy concerns. Product innovation delivered in 2023 includes:

Implementing controls and approving compliance is time intensive and when managed manually leaves room for human error. LogicGate launched its Automated Evidence Collection feature to elevate productivity, control effectiveness and support data-driven decision-making while ensuring compliance and security across more than 20 cybersecurity and privacy frameworks. This capability systematically and automatically gathers, validates, and manages critical data and evidence central to an organization's risk management and compliance initiatives. By employing automated workflows, it seamlessly assimilates data from diverse sources, from internal systems to external data feeds, reducing the need for manual interventions and mitigating the risk of human inaccuracies.
With the unprecedented adoption of AI on a global scale, OpenAI integration helps customers easily implement and utilize AI technology with current Risk Cloud applications, scale content generation, and quickly solve complex problems with AI-powered systems and models like GPT-4. When added to Risk Cloud applications like Policy & Procedure Management, customers can choose to quickly generate policy documents, versus antiquated manual approaches, helping to accelerate policy management processes.
In 2023, the average cost of a data breach was $4.35M and the average cost of a ransomware attack was $4.54M. Risk Cloud's Cyber Risk & Controls Compliance Solution links cyber threats to business impact, so teams can add business context to any cybersecurity decision, prioritize remediation, and report what matters most to key stakeholders. Customers can also take advantage of the Securities and Exchange Commission (SEC) Cyber Compliance Solution, equipping organizations with the necessary tools and expertise to navigate new regulatory changes regarding cybersecurity disclosures.

"We could not be more energized by our accomplishments in 2023 and the building blocks set to accelerate growth and innovation throughout 2024," said Matt Kunkel, CEO of LogicGate. "The risk landscape is becoming more connected, complex and challenging, which means our customers demand a holistic, robust and mature GRC process that can be adopted enterprise wide. This is why we are steadfast in our commitment to delivering more advanced solutions and faster access to data-driven insights so our customers can confidently make more informed decisions when mitigating, managing and navigating the inevitable changing regulatory environment, as well as vulnerabilities and cyber threats that no business is immune to."

Inc. recognized LogicGate as one of the 5000 fastest-growing privately held U.S. companies for the third year in a row, substantiating the company's continued success. To help effectively guide expansion, three new c-suite executives joined the organization, focusing on scalability, delivering user value quickly and enhancing Risk Cloud's agility and modernity to enable customers to keep up with the constant rate of change in the risk landscape. Nicholas Kathmann joins as Chief Information Security Officer (CISO); Jonathan Skinner as Chief Marketing Officer and Jennifer Renna as Chief Customer Officer; adding to a significant increase in 2023 organization personnel.

"2023 was a pivotal year and the recognition received in the Forrester Wave report further solidifies LogicGate as one of the five most significant GRC vendors," said Nicholas Kathmann, CISO of LogicGate. "We have a great responsibility to be both ingrained in the present risk management landscape as well as farsighted to anticipate future threats, nuances and needed capabilities to build and equip our customers with solutions that strengthen their security posture and minimize exposure to risk and attacks. We're proud of our product pipeline from 2023, but there is more work to be done – complacency doesn't exist in Cybersecurity."

Additional 2023 recognition includes:

Risk Cloud platform named one of the top GRC solutions on the G2 Winter Report for the 16^th consecutive quarter
The 19th annual Globee® Cybersecurity Awards name the Risk Cloud platform a Gold Award winner in the Security Cloud/SaaS category
The 20th Annual International Business Awards® named the Cyber Risk & Controls Compliance solution the winner of a Silver Stevie® Award in the Governance, Risk, and Compliance category
Crain's Chicago Business featured LogicGate as a Best Place to Work in Chicago for the fourth consecutive year

About LogicGate
LogicGate® is a global leader in transformative risk management and compliance solutions. Our award-winning Governance, Risk, and Compliance (GRC) platform, Risk Cloud®, is built with usability in mind, including a no-code interface and graph-database management, enabling customers to understand and navigate risks through a centralized framework. With an unwavering commitment to fostering business resilience in dynamic landscapes, LogicGate is actively driving innovation and creating strategic advantages for risk management in the business environment. Learn more about our solutions by visiting www.logicgate.com and/or join us on LinkedIn.

SOURCE LogicGate