Prevalent Experiences Continued Strong Customer and Revenue Growth Through Q3 2023

The leader in third-party risk management heads into Q4 after three record-breaking quarters

PHOENIX, Oct. 11, 2023 /PRNewswire/ -- Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced tremendous customer traction and revenue growth so far in 2023. Through the first three quarters of 2023, Prevalent:

• Has grown significantly, driven by 71% year-over-year existing customer expansion
• Grew partner-sourced bookings by 37%
• Increased annual recurring revenue (ARR) by 26% over the same period in 2022

"Despite a challenging economic environment and shrinking technology budgets, we've continued to grow at a rapid rate," stated Kevin Hickey, CEO of Prevalent, Inc. "As regulatory requirements expand and third-party cybersecurity incidents continue to dominate headlines, companies are investing in the Prevalent Platform to help reduce their risk. We will continue to deliver innovative technology and recommendations to help organizations navigate today's evolving risk landscape. We look forward to a strong finish to 2023 over the next three months."

In Q3 2023 Prevalent:

• 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, SEC Cybersecurity Disclosure Rules, and Canada OSFI B-10.
• Provided a free assessment to the risk management community to help organizations understand the third-party impact of the Citrix NetScaler zero-day vulnerability.

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, [email protected]

SOURCE Prevalent, Inc.