Parsippany Software Company Among Nation's Fastest Growing

PARSIPPANY, NJ — A Parsippany-based data analytics software company has been named to Inc. Magazine’s Inc. 5000 list, which ranks the country’s fastest-growing private companies based on company revenues over the past three year.

Provenir, which is touted as a global leader in risk decisioning and data analytics was named to the list, the company announced on Tuesday. Provenir is one of 572 software companies included on the magazine’s list, according to a news release. In 2020 alone, revenue for the company’s software-as-a-serve solutions increased 25 percent year over year. The increase was driven by a 22 percent increase in its customer base of disruptive financial services companies.

The company also expanded into new geographic markets including Latin America, UAE, and Asia, and now serves clients in more than 40 countries worldwide, the news release said.

Among the companies included in the Inc. 5000 list, the average median three-year growth rate soared to 543 percent, and median revenue reached $11.1 million, the magazine announced. Collectively, the companies added more than 610,000 jobs. over the past three years.

“Provenir is honored to be included in this prestigious list of companies that are driving innovation and change to be leaders in their respective markets,” Larry Smith, Provenir founder and CEO said in a statement issued by the company. “We are proud of our growth over the past three years in both new customers and expansion into new markets to meet the burgeoning need for real-time risk decisioning solutions.”

Provenir’s technology enables fintechs, financial institutions, and payment providers to easily design, build, and deploy solutions to solve complex business challenges such as digital onboarding, retail financing, Buy Now Pay later (BNPL) approvals, SME lending, insurance, credit card management, eCommerce, eWallet, digital banking, alternative data and fraud, according to the release.

“The 2021 Inc. 5000 list feels like one of the most important rosters of companies ever compiled,” Inc. Editor-in-Chief Scott Omelianuk said in the release. “Building one of the fastest-growing companies in America in any year is a remarkable achievement. Building one in the crisis we’ve lived through is just plain amazing. This kind of accomplishment comes with hard work, smart pivots, great leadership, and the help of a whole lot of people.”