Vanta, the pioneering trust management platform, announced several growth, product and partner milestones showcasing the company’s continued acceleration as the platform of choice pioneering the next generation of Governance, Risk, and Compliance capabilities.
Surpassing a number of growth metrics in FY ‘24 including $100M in Annual Recurring Revenue (ARR) and nearly doubling customers to 7,000 companies around the world, Vanta's performance has been further powered by the announcement of new enterprise-ready features and the rollout of AI innovations, including support for the NIST AI Risk Management Framework.
Vanta unlocks new milestones
Capping a record year, Vanta announced that it surpassed $100M in ARR in FY ‘24, ending January 31, 2024. In addition to reaching the milestone within five years of entering the market, Vanta nearly doubled its global customer base this past year, adding approximately 900 customers per quarter.
Vanta announced that it surpassed $100M in ARR in FY ‘24, ending January 31, 2024
Vanta is the trust management platform of choice for nearly 7,000 companies around the world including Atlassian, Chili Piper, Flo Health, and Quora, to build, maintain and demonstrate their trust—all in a way that's real-time and transparent.
Organizational growth in FY ‘24
Vanta delivered unprecedented product, customer and organizational growth in FY ‘24 including:
- Launching over 260 new product features, including Vanta AI, Vendor Risk Management, and Vanta Trust Center
- Expanding globally in EMEA and APAC with almost one in four customers now headquartered outside of the U.S.
- Appointing David Eckstein, Chief Financial Officer, Jeremy Epling, Chief Product Officer and Jadee Hanson, Chief Information Security Officer
Vanta’s industry-pioneering innovation has been recognized across a range of rankings and awards in the past year including CNBC Disruptor 50, Forbes Cloud 100, Fortune Cyber 60 and Inc. Best Workplaces.
Enterprise-ready features for sophisticated GRC teams
To accelerate its enterprise momentum, Vanta has built the capabilities required by GRC and information security teams to scale their compliance program, unify key risk management workflows and streamline third-party risk management including:
- 300 pre-built integrations providing continuous, real-time monitoring of security and compliance across cloud providers, HRIS, datastore providers, and many more
- Vanta API to build private integrations with internal systems or public integrations accessible by Vanta customers
- Increased customization for GRC practitioners, including the ability to create custom frameworks and customize Vanta’s built-in automated tests
- Executive reporting to prioritize and act on the key risks, measure the success of the security program, and easily report the impact to stakeholders (currently in Beta)
- Enterprise-ready capabilities such as Single Sign On, Workspaces, custom Role-Based Access Controls, and more
Vanta’s breadth of workflows and depth of automation has catapulted the firm to be the trusted choice for Atlassian, Chegg, and Omni Hotels.
Author's quote
New GRC platforms are emerging in the marketplace that reduce the necessary but laborious tasks involved
“Both risk management and compliance software and services continue to be top investment areas for organizations. Still, in an increasingly hostile cybersecurity environment, security teams often find themselves under-resourced and without the in-house capabilities to fully utilize their legacy GRC technology investment,” said Phil Harris, Research Director, Governance, Risk and Compliance, IDC.
“New GRC platforms are emerging in the marketplace that reduce the necessary but laborious tasks involved with identifying, tracking, treating and closing risks, increasing productivity and giving team members more time to focus on business-critical projects.”
Advancing the future of trust in an AI world
With AI and LLM usage in 2024 continuing to accelerate, Vanta is helping customers ensure they are managing the associated risks, and demonstrate their management of those risks, to their stakeholders. Previously introduced at VantaCon in December 2023, Vanta announced that it is releasing the NIST AI Risk Management Framework (RMF) as a product that customers can use to centralize their AI risk management workflows in beta with general availability starting in February 2024.
The NIST AI RMF is a governance framework developed by NIST aimed at mitigating risks associated with the design, development, use, and evaluation of AI products, services, and systems. By adding support for the NIST AI RMF directly within the Vanta platform, Vanta will enable pioneering companies to continue pushing innovation boundaries while growing trust.
Vanta’s Access Reviews solution
Vanta is also raising the use of AI within the forum to help clients automate once-manual
Vanta is also expanding the use of AI within the platform to help customers further automate once-manual and tedious security and compliance workflows. Starting, customers can customize the questions Vanta AI uses to analyze security documents within Vanta’s Vendor Risk Management solution, reducing the time and effort to conduct thorough vendor security reviews.
In addition, Vanta’s Access Reviews solution now can leverage Vanta AI to automatically and reliably import user access data from images and PDFs – valuable for legacy or on-premises systems that may not have integration capabilities. Vanta AI also now suggests mapping existing tests and policies to relevant controls, making it easier to set up new compliance frameworks within Vanta.
A-LIGN partnership
According to Vanta’s State of Trust Report, 2 in 3 businesses say that their customers are increasingly looking for more proof of security—with nearly 1 in 3 organizations losing new business because of missing compliance certification. While customer expectations are on the rise, security teams are expected to do more with less. A mere 9% of operating budgets are dedicated to security, leaving many teams inadequately resourced to prepare for and complete audits.
With Vanta and A-LIGN, customers can now get the best of both worlds—a scalable platform to automate up to 90% of the evidence collection needed to complete a SOC 2 or ISO 27001 audit, and a highly-regarded firm to complete the audit. As a technology-enabled security and compliance partner, A-LIGN is trusted by more than 4,000 global organizations to mitigate cybersecurity risks by offering customized solutions tailored specifically with an organization’s unique goals and objectives. Enterprise brands and scale-ups trust A-LIGN and Vanta for their organization’s security and compliance needs.
