Prevalent Networks Raised $8 Million in Series B Funding
Prevalent Networks is the leader in IT risk management software raised $8 million it Series B funding last week. This followed its first $4 million Series A funding from Fulcrum Equity Partners in 2014.
Risk management software is the specialty of Prevalent Networks, as the company has been building such software for various industries. Prevalent was founded in 2004 as an IT consulting company to provide service in information security, compliance, infrastructure, and availability of information for the clients.
Headquartered in Warren, New Jersey, Prevalent Networks has five regional sales in big cities across the United States: New York City, Boston, Washington DC, Philadelphia and Houston.
The leading vendor in risk management and cyber threat intelligence announced to have raised $8 million in a Series B financing. According to New York Business Journal, the Atlanta-based Fulcrum Equity Partners and New York-based Spring Mountain Capital led the funding round last week. With the new investment, Jamie Weston, a Managing Director in Spring Mountain Capital's Private Equity Group, will join Prevalent's Board of Directors.
Speaking to Thomson-Reuter PEHub, Jamie Weston said, "This is a great opportunity for us to be a part of the pioneers of 3rd party risk management and cyber threat intelligence." He then added, "Prevalent is scaling their business at an incredible rate while developing new capabilities, which continue to demonstrate Prevalent's thought leadership. I am excited to work with this very talented leadership team."
Meanwhile, CEO and co-founder of Prevalent Networks welcoming the new director, "We are excited to partner with Spring Mountain Capital and Fulcrum Equity Partners to continue our growth strategy. We also welcome Jamie Weston to our Board of Directors."
Prevalent Networks is a leader in 3rd party risk management and continuous threat intelligence monitoring solution. The company provides solutions to monitor and assess the IT risks posed by their vendors and third parties, increasing efficiency in vendor management process for its client's IT resource needs. Prevalent solutions are available for for companies in retail, healthcare, financial services and pharmaceuticals sectors.
Jim Douglas, a partner at Fulcrum Equity Partners, the first investor of Prevalent told PR Newswire regarding the second round of funding, "We're very pleased to back the world-class team at Prevalent as they continue on their strong growth trajectory," Douglas also express the firm's expectation, "We look forward to the company's innovative advancements in 2016 and beyond."
Prevalent Networks is a well-respected company in IT-related risk management sector and is known as a visionary for IT vendor risk management. This equity financing round will accelerate its commercialization and push forward the company's market-leading software products to a larger market.
When the company was first founded in 2014, Fulcrum Equity Partners led the $4 milllion Series A investment. Now, Fulcrum joins with Spring Mountain Capital to provide the Series B founding to further escalate the growth of Prevalent Networks.