Third-Party Risk Management Automation Demand, Increased Industry Recognition Fuel 2019 Results
CONCORD, MASS. – January 8, 2020 – ProcessUnity, a leading provider of cloud-based applications for risk and compliance management, today announced that 2019 was another record year for ProcessUnity, led by demand for its flagship Third-Party Risk Management automation solution.
“It’s exciting to be a part of an organization with this much momentum. We’re building our business the right way – we understand customer problems, build world-class solutions to solve those problems and help our customers advance their Third-Party Risk programs over time,” said Sean Cronin, CEO at ProcessUnity. “Our success is creating more success and our solutions, our partners, our customers and our team are being recognized for the great work we are doing together. If you are a company looking for a third-party risk solution, there is no better partner than ProcessUnity.”
Highlights from 2019 include:
- Significant Customer Growth: ProcessUnity acquired a record number of new customers during 2019 and maintained a high customer retention rate. As third-party risk management became more of a priority for organizations, ProcessUnity saw an increase in customers within new industries, including technology, retail, media, life sciences and more.
- Continued Industry Recognition: ProcessUnity received the highest scores in the Gartner Critical Capabilities for IT Vendor Risk Management Tools report for the second consecutive year and was also positioned in the Leaders Quadrant of the Magic Quadrant for IT Vendor Risk Management Tools
- Substantial Global Development: ProcessUnity continued to expand in Europe, establishing relationships with key partners and adding new EMEA-based marquee customers.
- New Market Leadership: Sean Cronin was appointed Chief Executive Officer of ProcessUnity to build upon the success of previous CEO and current Chairman Todd Stone. Risk and compliance expert Elaine Beitler also joined the ProcessUnity Board of Directors to provide additional guidance related to ProcessUnity’s customers, partners and investors.
- Key Channel Expansion: ProcessUnity launched the ProcessUnity Partner Program in May 2019, setting a new standard for risk and compliance channel partnerships. The team significantly increased the number of Value-Added Resellers (VARs) and Managed Service Providers (MSPs) over the course of the year to solve critical governance challenges for organizations of all sizes.
- Major Product Updates: ProcessUnity’s platform releases throughout the year included more than 100 new features and enhancements specific to automation and workflow, contract management, end-user productivity and system administration, allowing customers to adjust their programs without having to call IT or reimplement their programs through expensive upgrades.
- Multiple Award Wins: ProcessUnity was named a Top Place to Work in the Boston area, received two Cyber Defense Global Awards for IT Vendor Risk Management and Third-Party Risk Management and was recognized as one of the Best Products in Vendor Risk Management in the 14th Annual 2019 IT World Awards.
Supporting customers worldwide, ProcessUnity’s Vendor Risk Management solution helps organizations identify and remediate risks posed by third-party service providers. Combining a powerful vendor services catalog with risk process automation and dynamic reporting, ProcessUnity streamlines third-party risk activities while capturing key supporting documentation that ensures compliance and fulfills regulatory requirements.
ProcessUnity is a leading provider of cloud-based applications for risk management and service delivery management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk and to ensure the optimal performance of key business processes. For public companies and regulated industries, ProcessUnity Risk Suite delivers effective governance and control, vendor risk mitigation, and regulatory compliance. For benefit plan administrators and other financial service firms, ProcessUnity Offer Management controls complex product offerings and strengthens client service experience. ProcessUnity is used by the world’s leading financial service firms and commercial enterprises. The company is headquartered outside Boston, Massachusetts. For more information, visit https://www.processunity.com.