Prevalent Networks

Prevalent is a cybersecurity company that offers solutions for third-party vendor risk management. The company’s Third-Party Risk Management (TPRM) platform combines automated, standardized risk assessment with risk monitoring, assessment workflow, and remediation management to offer a comprehensive set of features for third-party risk management. This enables its users to manage risks associated with sourcing and selection, intake and onboarding, inherent risk scoring, SLA and performance management, and offboarding and termination.

The platform is complemented by vendor intelligence networks to provide access to complete standardized risk reports on thousands of companies. In addition, the company also offers software solutions to assess, monitor, analyze, and track supplier contracts, and assess financial, reputational, ESG, performance, and compliance risks of third parties.

The company's solutions are widely used in many industries including finance, healthcare, insurance, legal, manufacturing, pharma and life sciences, and retail. As of October 2023, the company reported that it delivered historical and real-time insights into both cyber and business risks from over 500,000 sources and that the networks provided on-demand risk intelligence for over 10,000 vendors.

At the end of 2023, the company reported that it increased annual recurring revenue by 25% (YoY), achieved 31% growth (YoY) in existing customer expansion business, and grew channel-sourced new business by 107% (YoY).

Key customers and partnerships

As of October 2023, the companies using the platform included Pfhizer, Lbrands, Allianz, Lowe's, Hanes, and Tesco.

In September 2024, Prevalent partnered with Indigocube Security, a South African cybersecurity consultancy, to enhance third-party risk management solutions in South Africa. The partnership aimed to deliver an AI-driven third-party risk management solution tailored for the South African market.

In August 2024, Prevalent partnered with TBDCyber, a cybersecurity management consulting firm, to offer comprehensive third-party risk management (TPRM) programs. The partnership combines Prevalent's TPRM platform with TBDCyber's consulting expertise to help clients develop, implement, and mature their TPRM programs. The collaboration aims to streamline compliance, enhance risk visibility, and improve organizational resilience against third-party threats. In the same month, the company partnered with 360factors, an integrated risk and compliance software provider. This collaboration is expected to help financial organizations scale their Third-Party Risk Management programs quickly and effectively, addressing critical needs in today's banking and financial services landscape.