Reciprocity Experiences Rapid Growth Despite Global Technology Spending Slowdown

ZenGRC Customer Base and Solution Usage See Exponential Growth in the Face of Pandemic-Related Budget Cuts

SAN FRANCISCO--(BUSINESS WIRE)--Reciprocity, the company behind the industry-leading information security risk and compliance solution ZenGRC, today announced a 133% quarter-over-quarter increase in net logo acquisition and a significant uptick in product usage over the first half of 2020, despite the COVID-19 related slowdown in technology spending.

IT analyst firm Gartner recently announced their quarterly worldwide IT spending forecast, revealing that global IT spending is expected to decline by 8% in 2020 due to the impact of COVID-19. According to Gartner: ‘The coronavirus pandemic and effects of the global economic recession are causing CIOs to prioritize spending on technology and services that are deemed “mission-critical” over initiatives aimed at growth or transformation.’

Despite deep cuts in technology spending, ZenGRC enjoyed significant growth in the first half of 2020 as customers sought to better manage IT risk and compliance since pandemic-related lockdowns began in March. ZenGRC saw strong adoption of new features that help customers better understand how the evolving business landscape is affecting their long-term business. Highlights include:

• From Q1 to Q2, the company increased net logo acquisition by 133%
• The number of enterprise risks tracked and measured increased 208%
• Active users on the platform also increased by an astounding 132% as companies increased the number of employees contributing to IT risk and compliance efforts
• Validation of security controls, evidence requests, and testing increased by 52%

“We are thrilled to see our customers addressing their rapidly-changing information security risk and compliance needs in the face of IT spending cuts because of the pandemic,” said Michael Geller, COO at Reciprocity. “Our rapid growth in customers and product engagement demonstrates that the C-suite recognizes the business-critical need to upgrade their risk management and compliance programs during these economically challenging times.”

This news follows recent company announcements including:

• ZenGRC Named Leader and Gold Medalist in the Info-Tech SoftwareReviews Awards
• ZenGRC Extends Leadership Momentum with Four Badges on G2 Summer 2020 Grid Report for GRC Platforms
• Reciprocity's ZenGRC Wins 2020 Fortress Cyber Security Award
• Reciprocity Announces ZenGRC Connector for ServiceNow

To learn more about Reciprocity and the ZenGRC information security risk and compliance solution, please visit reciprocitylabs.com

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About Reciprocity

Reciprocity's mission is to turn corporate compliance from a cost center into a valuable strategic asset. Our ZenGRC platform simplifies the way organizations manage information security risk and compliance, and encourages transparency and trusted relationships with key stakeholders. Find out why the world's leading companies trust ZenGRC at reciprocitylabs.com

Reciprocity, ZenGRC and ZenConnect are trademarks and registered trademarks of Reciprocity in the United States and other countries. All other brand names, product names, or trademarks belong to their respective owners. © 2020 Reciprocity. All rights reserved.