Prevalent Closes 2022 with Record Year as Demand Continues to Escalate
PHOENIX, Jan. 9, 2023 /PRNewswire/ -- Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced a breakout performance year with outstanding annual recurring revenue growth and customer traction. Expanding on the company's momentum from the first half, Prevalent:
TPRM leader significantly grows new customer and annual recurring revenue
PHOENIX, Jan. 9, 2023 /PRNewswire/ -- Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced a breakout performance year with outstanding annual recurring revenue growth and customer traction. Expanding on the company's momentum from the first half, Prevalent:
- Grew new logo billings by 67% over 2021
- Increased annual recurring revenue (ARR) by 33% over 2021
- Maintained a gross retention rate exceeding 90% demonstrating extremely high levels of customer satisfaction
"I'm so impressed with our team's accomplishments in 2022 and look forward to starting the new year strong," stated Kevin Hickey, CEO of Prevalent. "As companies continue to face new third-party risks and supply chain challenges due to continued cyberattacks and an unstable economy, we are committed to driving innovation, ensuring companies have the best solution available for staying resilient against today's third-party threats and business disruptions."
In the second half of 2022, Prevalent:
- Expanded its global footprint through partnerships with Renaissance in Ireland and Halodata in Southeast Asia.
- Was identified as a Representative Vendor in the 2022 Gartner Market Guide for IT Vendor Risk Management Solutions report.
- Was named a Leader in the IDC MarketScape: Worldwide Third-Party Risk Management Software 2022, with IDC citing Prevalent's comprehensive platform and combined assessments and risk ratings as key strengths.
- Released Prevalent Platform v3.28, featuring new natural language processing (NLP) and machine learning (ML)-based document analysis and custom dashboards to simplify evidence review and vendor management.
- Achieved ISO 27001 certification for Information Security Management, demonstrating Prevalent's continued commitment to customer and partner security.
- Delivered guidance to simplify compliance with third-party risk management provisions in the Australia Prudential Regulation Authority (APRA) CPS 234, US SEC Cybersecurity Disclosure Rules, the EU Digital Operational Resilience Act (DORA), AICPA SOC 2, NIST SP 800-66, and Canadian OSFI Guideline B-10.
- Provided free best practices and resources for third-party vendor and supplier operational resilience during economic downturns, cyber supply chain risk management, supplier risk management, secure vendor onboarding, and how to manage IT and non-IT third-party risks.
- Published thought leadership, enabling credit executives, healthcare leaders, and security practitioners to improve their third-party risk visibility.
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]
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SOURCE Prevalent, Inc.
