Demand for Third-Party Risk Management Automation, Channel Expansion Fuel Fourth-Straight Record Year
CONCORD, MASS. – January 8, 2019 – ProcessUnity, a leading provider of cloud-based applications for risk and compliance management, today announced that it finished 2018 with record revenues, led by demand for its flagship Third-Party Risk Management automation solution.
“By all measures, 2018 was a tremendous year for ProcessUnity. Our team builds and implements a great product that solves a complex problem for organizations large and small across many industries. Our customers are using our tools to power the most effective and efficient Vendor Risk Management programs and they are sharing their successes within their industries and peer networks,” said Sean Cronin, President of ProcessUnity. “Our references and new-customer growth are building brand recognition in the market which has led to channel growth, global expansion, industry accolades and a capital investment – putting us in a position for even more success in 2019 and beyond.”
ProcessUnity’s 2018 highlights include:
Customer Growth and Retention: In 2018, ProcessUnity doubled new subscription sales over 2017 and increased its customer retention rate to 94.8 percent. The growth is a direct result of the company’s channel expansion and focus on international markets. While financial services and heavy-regulated industries led demand, ProcessUnity continues to see growth in other markets including manufacturing, media and entertainment, high tech, life sciences and more. The impressive customer renewal rate continues to affirm the ongoing value of ProcessUnity’s solutions and service offerings.
Industry Recognition: ProcessUnity received the highest scores in two use cases in Gartner’s “Critical Capabilities for IT Vendor Risk Management” report. The report, written by Gartner analyst Christopher Ambrose, evaluates the capabilities of 11 Vendor Risk Management software providers and delivers product ratings and scores for key capabilities across multiple usage scenarios. Click here to access Gartner’s IT Vendor Risk Management report.
Major Product Enhancements: The company released numerous product updates throughout the year, focused on reducing administrative tasks, making users more efficient and maximizing their program effectiveness. The Fall 2018 Release alone introduced more than 50 new features and enhancements, that further extend platform configurability, enhance reporting, streamline assessment processes, and advance change management support for complex deployments.
Majority Growth Investment: In September, ProcessUnity announced it had received a majority growth capital investment from Long Ridge Equity Partners. The new capital is accelerating the company’s growth in the Third-Party Risk Management and Integrated Risk Management sectors. Long Ridge’s investment has and will continue to help enhance ProcessUnity’s global leadership position while allowing the company to build out new technologies and services to better serve its rapidly expanding customer base.
ProcessUnity’s suite of cloud-based solutions are designed to tackle numerous Governance, Risk and Compliance challenges, including Third-Party Risk Management, Policy & Procedure Management, Compliance Management and more. While each solution is unique in terms of the capabilities it provides, they all share similar characteristics that greatly benefit our customers: they are extremely easy to use; they are configurable by business users; and they deploy very quickly.
For more information on ProcessUnity, visit https://www.processunity.com.
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.