WARREN, N.J., Nov. 17, 2016 /PRNewswire/ -- Prevalent, Inc., the leader in Third-Party Risk Assessment, Monitoring, and Collaboration, announced today it has closed a $60 Million Series C round led by private equity and venture capital firm Insight Venture Partners. The new capital will be used to fuel the company's continued global expansion and product innovation.
Managing data risk in an outsourced world has become the major challenge for security, compliance, procurement, legal, and executive management. Up to 63% of all data breaches are now due to the actions of third parties that are processing data or have access to sensitive systems. In addition, the process to understand and manage these risks is often being done manually - in legacy systems, with limited success - and too slowly for businesses to make better risk decisions. Prevalent has led the way in developing a platform to reduce risk, reduce cost, and achieve real-time risk visibility to reduce external risks putting pressure on the business. Prevalent Synapse™ is a platform that includes Prevalent's threat intelligence monitoring, a vendor contributed assessment database, a leading risk management capability, and an ability to share information with other participants in the data supply chain to meet client and regulatory requirements. Prevalent Synapse is being used to support Global 2000 organizations as well as communities of peers in the legal, healthcare, mortgage, asset management, and higher education markets.