PHOENIX, April 13, 2022 /PRNewswire/ -- Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced that following a record-breaking 2021, the company has started the year with tremendous customer growth and momentum. In Q1 2022, Prevalent:

• Grew total billings by 74% over Q1 2021
• Experienced 49% growth in new customer and existing customer business, with new customers accounting for 67% growth
• Achieved record Gross and Net Retention Rates, illustrating high customer satisfaction and exceptional program growth over time

"After finishing a record-breaking year in 2021, I'm happy to see so much new customer adoption as well as existing customer growth continuing into this year," stated Kevin Hickey, CEO of Prevalent, Inc. "Over the last 24 months, there has been quite a bit of uncertainty with the pandemic, supply chain issues and the ever growing number of third-party security incidents. Companies continue to turn to Prevalent to help reduce these risks, and over the next year we are committed to providing customers with the resources and solutions they need to keep their organizations operating at the highest level of resiliency."

In Q1 2022, Prevalent:

• Announced a new solution, Contract Essentials, to automate contract lifecycle management and link vendor contracts with broader third-party risk management efforts.
• Published comprehensive guidance to align third-party risk management practices with regulatory requirements and industry frameworks such as ISO, NY DFS, AICPA SOC 2, NIST 800-53, and new SEC cybersecurity reporting.
• Introduced free resources and best practices to address the Russian invasion of Ukraine and resulting supplier reputational and sanctions risks, the Lapsus$ breach of Okta, and the Toyota supply chain disruption.
• Achieved recognition as a 2022 Gartner Peer Insights™ Customers' Choice for IT Vendor Risk Management Tools with a high percentage of customers willing to recommend Prevalent compared with other VRM tools.
• Demonstrated market leadership with the publication of Risk-Based Management of Third-Party Cybersecurity Exposures, a report from analyst firm TAG Cyber which illustrates how the Prevalent platform aligned with the elements of their third-party risk framework.

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, angelique@silverjacket.net

View original content to download multimedia:https://www.prnewswire.com/news-releases/third-party-risk-management-leader-kicks-off-2022-with-record-breaking-first-quarter-301524620.html

SOURCE Prevalent, Inc.