Best Practices for Reducing Third Party Risk
Warren, NJ and Basingstoke, UK – March 12, 2019 – Prevalent, Inc., the only unified platform for managing third-party risk, has announced its acquisition of UK-based risk and compliance experts 3GRC. With this acquisition Prevalent plans to build upon its products, services and expertise while expanding its presence to the UK. Terms of the deal have not been disclosed.
3GRC’s technology is highly complementary to Prevalent’s, adding to the existing strengths of the risk monitoring, assessment and evidence-sharing platform with its own innovative solution for both internal and external parties. 3GRC was founded in 2015 and serves clients in the finance, banking, insurance, media, retail and legal industries.
“As Prevalent continues to evolve, it is a priority to ensure that we offer the most comprehensive and automated platform to our customers,” said Kevin Hickey, CEO of Prevalent. “Joining forces with the outstanding team at 3GRC adds depth to our knowledge pool, increases visibility and efficiency within our platform and enables us to provide our signature customer service to businesses around the globe. We are very much looking forward to the integration, working alongside our new teammates and partners.”
Increasing pressure on corporate boards to improve visibility and oversight over their enterprises' exposure to third-party risks is driving organizations to invest in solutions to rapidly report on, prioritize and mitigate those risks. With a strong understanding and vision of third-party risk management and a complete platform, Prevalent is uniquely positioned to lead this market.
“With regulatory guidelines becoming more complicated by the day, businesses of all sizes require a solution that ensures compliance across a broad spectrum of standards, including GDPR, OSHA and DPA, to name a few,” said Tony Allen, Co-Founder of 3GRC. “Combining our team’s technology and expertise in risk and compliance management with Prevalent’s comprehensive, all-in-one solution offers the most powerful platform in the industry. We are pleased to be joining the team and look forward to the added value this combination will bring our customers.”
In the coming months, new and existing customers will be able to access the most comprehensive, single-view risk solution platform from Prevalent and 3GRC, with even more dynamic assessments and efficient data automation. Customers will also benefit from additional operating capabilities, further bridging the gap between data and vendors to reduce response times.
The entire 3GRC team will stay on board and remain located in Basingstoke, Hampshire in the UK and Cary, North Carolina. Prevalent plans to hire in Hampshire to further expand the UK presence.
To learn more about Prevalent and its products and services, please visit: www.prevalent.net.
About Prevalent Prevalent helps enterprises manage risk in third party business relationships. It is the industry’s only purpose-built, unified platform that integrates a powerful combination of automated assessments, continuous monitoring, and evidence sharing for collaboration between enterprises and vendors. No other product on the market combines all three components, providing the best solution for a highly-functioning, effective third-party risk program. To learn more, please visit www.prevalent.net.
About 3GRC 3GRC is a leading global provider of risk and compliance services and solutions. Its risk management platform combined with expert governance and risk and compliance service, helps businesses enhance transparency, reduce risk and improve operational efficiency. Its customers span the globe and cover a wide range of industries including finance, banking, insurance, media, retail and legal. To learn more, please visit www.3grc.co.uk.
Mike Yaffe, CMO
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