Overview

In today’s complex business environment, companies increasingly rely on third party vendors to meet their operational needs. Yet managing the data risks in an outsourced world has become a major challenge for security, compliance, procurement, legal and executive management. As much as 63% of all data breaches now occur through third party suppliers.

Prevalent develops purpose-built solutions that reduce the time and cost to manage security risks associated with third party vendors. In 2016, as major third party security breaches heightened market awareness and need, Prevalent grew exponentially. In early 2016, Prevalent launched Synapse, its second generation software platform. Synapse enables smarter vendor risk management through the first collaborative, standards-based risk assessment and continuous threat intelligence monitoring. It reduces data collection times from 60% to near zero.

Throughout 2016, Prevalent developed and expanded Synapse into key vertical and Global 2000 markets, including Legal, Asset Management and Higher Education Networks, and was selected by National Health-ISAC, Ellie Mae, Aetna and Paypal among others as its partner in third party risk management. Prevalent’s revenues increased by 400% and Prevalent now monitors and manages more than 200,000 vendors worldwide. In May 2016, Prevalent was recognized for the second year in a row as the only “Visionary” in Gartner’s Magic Quadrant for IT Vendor Risk Management.

Prevalent expanded its sales channels in 2016 by establishing the Prevalent Partner Program – a network of reseller partners that will deploy Synapse for their customers. In November 2016, Prevalent raised $60 million in a Series C round led by private equity and venture capital firm Insight Venture Partners. The new capital will accelerate the company’s global expansion and product innovation, allowing Prevalent to continue its role as the leader in third party risk management.