- Website: http://www.prevalent.net
- Company size (employees): 100 to 499
- Country: United States
- Headquarters Region: North America
In 3 bullets, summarize why this company is different from the competition and deserves recognition:
• With a legacy of design innovation, Prevalent introduced the industry’s first purpose-built, unified platform and exchange for vendor risk management that reduces both risk and cost in a shared assessment model, leveraging standardized content, automation and threat intelligence to help both customers and vendors establish a more rigorous, highly effective vendor risk management program.
• Prevalent’s TPRM Platform offers companies a powerful way to reduce third party risk using a scalable, automated process that 1) yields a 360% ROI over 3 years, according to a Forrester Research customer study and 2) will save millions of dollars in the first year alone, according to a Fortune 100 managed health care customer.
• Prevalent continues to demonstrate industry leadership by addressing new third-party risk management issues such as collaboration, standards-based evidence collection, vertical industry sectors, and both enterprise and SMB requirements, resulting in surging growth across all areas of their business
In less than 300 words, summarize the achievements of the company in the nominated category
The proliferation of third-party data breaches puts organizations of all sizes under continuous threat. Prevalent is the industry pioneer and leader in the rapidly growing market for third-party risk management, offering a comprehensive suite of vendor assessment automation software, vendor evidence sharing networks, and continuous monitoring solutions to help manage a company’s critical vendor ecosystem.
Prevalent’s revolutionary vendor networks for the healthcare, financial, higher education and legal industries were the first to take a collaborative approach to risk management. These networks help sectors with common vendors and security issues work together to share information and build stronger risk management programs. In 2017 Prevalent launched its TPRM Platform, the industry’s only unified, cross-sector evidence sharing portal, offering enterprises and vendors an economical and collaborative platform to “collect once and share with many” the critical information needed to reduce risk.
Over the past 18 months, Prevalent has experienced record growth, innovation and achievements. The Company was named a Leader in the 2017 Gartner Magic Quadrant for IT Vendor Risk Management, following two years as the only Visionary in the category. To better address the risk exposure from small and medium-size companies, Prevalent acquired DatumSec, the leader in SMB Third-Party Risk Validation. Backed by $60 million in Series C funding led by Insight Venture Partners, Prevalent continues to work with an expanding base of Fortune 1000 customers to help realize better economies of scale; one Fortune 100 managed health care customer estimated they’ll save millions of dollars through Prevalent’s TPRM Platform in the first year alone. And finally, through the joint funding of a new Penn State MBA scholarship for info tech security professionals, Prevalent is determined to help meet the demand for future executives to manage third party risk.