Prevalent Closes H1 2023 with Record-Setting Revenue Growth
Three Quarters of All New Customers Leverage Continuous Monitoring with Assessments, Demonstrating the Unique Value of Prevalent’s Comprehensive TPRM Solution
Prevalent Inc., the company that takes the pain out of third-party risk management (TPRM), announced a record-breaking start to 2023 with tremendous customer traction and revenue growth. Continuing momentum from Q1 2023, Prevalent:
- Grew new business billings 51% over H1 2022, driven by a strong mix of new logos and existing customer expansion
- Increased annual recurring revenue (ARR) by 28% over H1 2022
- Achieved a 73% attachment rate of new customers purchasing Vendor Threat Monitor, further validating that organizations want a single solution for assessment and continuous monitoring
“We have continued to grow at a remarkable rate year over year,” stated Kevin Hickey, CEO of Prevalent, Inc. “The team has done an exceptional job not only getting ahead of changes in the market, but also delivering innovative solutions to meet customer requirements in this dynamic environment. As regulatory requirements expand and security incidents continue to grow, we are committed to providing the most comprehensive TPRM platform to help organizations reduce risk and maintain the highest level of resiliency.”
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In H1 2023 Prevalent:
- Released The 2023 Third Party Risk Management Study: How Are Organizations Avoiding TPRM Turbulence?, providing deep insights into current trends, challenges and initiatives impacting third-party risk management practitioners worldwide.
- Expanded its industry-leading TPRM Platform with new ESG assessment and monitoring capabilities and AI-based evidence review.
- Enhanced comparative analytics and anomaly detection capabilities in the Prevalent Platform across cyber, operational resilience, reputational compliance and financial risk domains.
- Partnered with IBM to build cyber resilience into supplier ecosystems, protecting critical supply chains and third-party ecosystems with expert security services and software.
- Issued free resources to help customers mitigate risks from the 3CX, MOVEit and NBA breaches.
- Published recommendations to meet TPRM compliance requirements in new Interagency Guidance on Third-Party Relationships, NERC Guidelines for Cyber Security Risk Management and Vendor Lifecycle Management, the German Supply Chain Due Diligence Act (LkSG), National Cyber Security Center Guidance for Supply Chain Cyber Security, CIS Critical Security Controls, Canada’s Forced Labour Reporting Law (S-211), Singapore Personal Data Protection Act (PDPA) and Monetary Authority of Singapore (MAS), NYDFS 23 NYCRR 500, ISO, and the EU Corporate Sustainability Reporting Directive (CSRD).
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