Analyst Insight: The Gartner® Market Guide for IT Vendor Risk Management Solutions

Prevalent Kicks Off 2023 with Record-Breaking First Quarter

Third-party risk management leader experiences tremendous revenue growth while realizing significant customer expansion
April 11, 2023
News q1 momentum 0423

PHOENIX, April 11, 2023 – Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced a record-breaking start to 2023 with tremendous customer traction and revenue growth. Continuing momentum from an outstanding 2022, in Q1 2023, Prevalent:

  • Grew new business billings by 64% over Q1 2022, driven by new logo billings nearly doubling
  • Increased annual recurring revenue (ARR) by 32% over Q1 2022
  • 35% of customers have expanded their programs over the past 12 months

“Organizations continue to turn to Prevalent to help them address growing third-party vendor risks in their supply chains,” said Kevin Hickey, CEO of Prevalent, Inc. “More and more we’re seeing not only IT security teams concerned with third-party risks, but also procurement, audit and risk management teams that have their own unique set of requirements. Our first quarter results demonstrate that Prevalent is well-positioned to meet ever-evolving vendor and supplier risk management needs across the third-party risk lifecycle.”

In Q1 2023 Prevalent:

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 and suppliers throughout the third-party 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,