Third-Party Risk Management Leader Closes 2021 with Record-Breaking Growth

Customer satisfaction, product innovation and industry leadership drive significant global adoption

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Jan 12, 2022, 09:00 ET

PHOENIX, Jan. 12, 2022 /PRNewswire/ -- Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced a record-breaking 2021, laying the groundwork for an exceptional 2022 while further validating the company's leadership position. Expanding on the company's momentum from the first three quarters, Prevalent:

Grew total billings in Q4 2021 by 41% over Q4 2020, driven by an exceptional 232% growth in existing customer add-on sales
Increased Q4 2021 customer satisfaction, evidenced by a market-leading +59 NPS^®
Grew annual recurring revenue (ARR) by more than 30% over 2020, with partner originated bookings growing by 181% year over year

"Over the last eighteen months, companies have been tasked with maintaining their own business resilience while dealing with an unprecedented increase in third-party cybersecurity attacks, supply chain disruptions and new compliance requirements," stated Kevin Hickey, CEO of Prevalent. "Prevalent has answered the call, helping companies address risk at every stage of the vendor lifecycle. Our significant growth over 2020 clearly demonstrates that customers depend on and trust us to ensure that their business operations aren't disrupted by third parties. I'm extremely proud of the work this team has done to date and look forward to a successful 2022."

In 2021, Prevalent:

Introduced Category-Defining Solutions and Capabilities to Help Organizations Stay One Step Ahead of Third-Party Risk

Introduced the Prevalent Third-Party Incident Response Service, the industry's first third-party incident response service to automate the discovery, assessment and remediation of vendor security incidents.
Released an innovative new Connector Marketplace, enabling low-code integrations with dozens of business applications and security tools.
Delivered three new offerings to simplify procurement due diligence, bringing procurement and IT security teams together to efficiently scale supplier risk assessments while decreasing supply chain risks.
Incorporated access to environmental, social and governance (ESG) scores for more than 12,000 companies worldwide into the Prevalent Platform.
Updated the Prevalent Platform to include Cybersecurity Maturity Model Certification (CMMC) 2.0 and SIG 2022 questionnaires.
Offered unlimited third-party ransomware and ESG assessments, delivering better inherent risk visibility into two of today's most prominent third-party risks.

Published Free Resources to Help Security, Procurement and Risk Management Teams Take Control of Third-Party Risk

Distributed free questionnaires to help the risk management community assess their third parties' exposure to the Log4j vulnerability, and the Kaseya and Windows Print Spooler attacks.
Offered free third-party risk management tools to help organizations get up and running quickly by providing immediate security, operational and financial insights into third parties.
Introduced free third-party risk monitoring, providing companies with continuous business and financial insights to supplement current TPRM programs and fill gaps left by legacy cybersecurity scoring tools.
Published checklists to help organizations more easily understand and report on their third parties' compliance with CCPA/CPRA, GDPR, HIPAA, and NIST.

Expanded its Leadership in the Third-Party Risk Management Market

Named a Leader in the 2021 Gartner® Magic Quadrant™ for IT Vendor Risk Management Tools, further validating that Prevalent delivers the most comprehensive TPRM solution.
Announced a partnership with SourceDefense to extend visibility into third-party web vulnerabilities.
Released the 2021 Third Party Risk Management Study: Looking Beneath the Cyber Risk Surface, providing deep insights into current trends, challenges and initiatives impacting third-party risk management practitioners worldwide.
Published helpful tools to help organizations build and mature TPRM programs, including a start-up guide, procurement risk playbook, and how to navigate risks at every stage of the vendor lifecycle.

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, suppliers and other third parties across the vendor 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.