Demand for Next-Generation Vendor Risk Automation Tools, Partner Ecosystem Expansion Pace Fast Start to 2021
CONCORD, MASS. – April 13, 2021 – ProcessUnity, a leading provider of cloud-based applications for risk and compliance management, today announced that it finished the first quarter of 2021 with record-setting success. The company’s best-ever Q1 was a direct result of increased market demand for robust Vendor Risk Management program capabilities combined with ProcessUnity’s growing portfolio of managed services partners and resellers.
“Based on our results in the second half of 2020, we set aggressive growth targets for the company in 2021, and we overperformed our Q1 goal by more than 40 percent. The Third-Party Risk market continues to heat up and our team keeps delivering,” said Sean Cronin, CEO of ProcessUnity. “The high-profile breaches and changes to the way we work have many companies re-thinking how they manage vendor risk. They’re moving away from bare-bones programs and ‘just-check-the-box’ compliance to implement more mature practices and processes that vet more of their vendors and keep more risk out of their businesses.”
ProcessUnity Q1 2021 Highlights include:
- Customer Growth: ProcessUnity experienced significant software subscription growth with a solid mix of new customer wins and program expansion at existing clients. The company continues to win business with enterprise organizations with the most complex requirements as well as with mid-market and small companies looking for guidance on program best practices.
- Cybersecurity Program Management Wins: ProcessUnity’s newly introduced Cybersecurity Program Management (CPM) platform received immediate interest from new and existing customers based on its ability to centralize cybersecurity risk evaluation and remediation, streamline cybersecurity control reporting, prioritize cyber projects and more.
- Vendor Risk Management Innovation: ProcessUnity extended its suite of targeted vendor risk content solutions – the Vendor Intelligence Suite – to seamlessly integrate cybersecurity ratings, financial health data, watchlist ratings, ultimate beneficial owner and more into its Vendor Risk Management platform. The Vendor Intelligence Suite provides third-party risk teams with additional insight during initial vendor onboarding and throughout ongoing due diligence.
- Ecosystem Expansion: ProcessUnity partners continue to expand their managed service offerings based on the ProcessUnity Vendor Risk Management platform with wins in all market tiers. Alliances with Crowe and Castlehill Risk Solutions resulted in the launch of ProcessUnity’s Vendor Assessments-as-a-Service offering.
- Global Expansion: ProcessUnity continued to expand into EMEA with the development of key partnerships and establishment of its European operations in Ireland.
“Our team has worked hard to build the best platform and even harder to make our customers successful. That work is paying off and our brand recognition continues to grow,” said Cronin. “I look forward to more record-setting results through 2021 and beyond.”
ProcessUnity is a leading provider of cloud-based applications for risk and compliance 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. 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/.