Leading TPRM Provider Realizes Significant YoY
ARR Growth and an Exponential Increase in Channel-Sourced New
Business While Introducing Market-Leading Features
PHOENIX, July 10,
2024 /PRNewswire/ -- Prevalent, Inc., the company
that simplifies third-party risk management (TPRM) and a market
leader, announced today that it has achieved significant traction
with both new and existing customers, driving record-breaking
revenue and business milestones for the first half of 2024.
In the first half of 2024, Prevalent:
- Increased annual recurring revenue (ARR) by more than 23%
year-over-year
- Achieved 48% growth in existing customer expansion
business
- Grew channel-sourced new business by 195%
- Maintained cash flow profitability
"In the first half of this year, we continued to deliver
record-breaking results," said Kevin
Hickey, Prevalent CEO and President. "We partnered with our
existing customers, seeing greater expansion as they scaled and
matured their TPRM programs to address ever-evolving threats and
risks. Our impressive new business growth validates our approach to
helping companies identify and remediate risks across every stage
of the vendor lifecycle."
H1 2024 Business Highlights:
- Innovative Platform Release: Prevalent introduced their
TPRM Platform version 24-Q2, featuring cutting-edge AI-based auto
assessment population and vendor threat monitoring capabilities.
These advancements set a new standard in the industry, enabling
organizations to streamline and enhance their risk management
processes.
- Annual TPRM Study Results: Prevalent's annual
Third-Party Risk Management Study revealed critical insights,
including that 61% of organizations have reported a third-party
data breach, yet 50% still rely on spreadsheets to manage their
third parties. These findings underscore the urgent need for
advanced TPRM solutions.
- Regulatory Compliance Guidance: The company issued
comprehensive guidance to help organizations address third-party
risk management requirements in compliance regulations, focusing on
global AI frameworks (with a special emphasis on the EU AI Act),
ESG regulations, the EU Corporate Sustainability Due Diligence
Directive, NIST CSF 2.0, PCI DSS, and TISAX. This guidance empowers
organizations to stay ahead of evolving regulatory landscapes and
maintain robust compliance postures.
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 from working with vendors and
suppliers throughout the third-party 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. To learn more, please visit
www.prevalent.net.
MEDIA CONTACT:
Candice
Stokes
380005@email4pr.com
706-718-1143
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SOURCE Prevalent