Mission Statement, Vision, & Core Values (2024) of Red Violet, Inc. (RDVT)

An Overview of Red Violet, Inc. (RDVT)

General Summary of Red Violet, Inc. (RDVT)

Red Violet, Inc. (RDVT) is a data analytics company that specializes in providing identity verification and data intelligence solutions. Founded in 2014, the company has developed a robust platform that leverages machine learning and advanced analytics to deliver actionable insights to its customers. As of 2024, Red Violet offers a range of products, including identity verification services and analytics tools that cater to various industries such as banking, insurance, and real estate.

In 2024, Red Violet reported sales of approximately $55.6 million for the nine months ended September 30, reflecting a 23% increase from $45.1 million during the same period in 2023. The growth in sales can be attributed to the expansion of its customer base and the enhancement of its service offerings, particularly through its IDI (Identity Intelligence) and FOREWARN platforms.

Company's Financial Performance in the Latest Financial Reports

For the nine months ended September 30, 2024, Red Violet's revenue increased by $10.5 million, or 23%, to $55.6 million from $45.1 million in the prior year. The revenue breakdown showed:

• Revenue from new customers rose by $0.7 million, or 15%.
• Base revenue from existing customers increased by $7.5 million, or 21%.
• Growth revenue from existing customers surged by $2.3 million, or 42%.

The company's IDI billable customer base grew from 7,769 customers as of September 30, 2023, to 8,743 customers as of September 30, 2024. Additionally, the FOREWARN user base expanded from 168,356 to 284,967 users during the same period.

Net income for the nine months ended September 30, 2024, was $6.1 million, compared to $14.6 million for the same period in 2023. The decrease in net income was attributed to higher operational costs and a one-time tax benefit recognized in the prior year.

Introduction to Company as a Leader in the Industry

Red Violet, Inc. has positioned itself as a leader in the data intelligence and identity verification industry. Its innovative solutions and commitment to leveraging advanced analytics make it a preferred choice for businesses seeking reliable data-driven insights. The company has established a strong presence in its market, evidenced by its growing customer base and expanding user engagement on its platforms.

With a focus on enhancing its product offerings and improving customer experiences, Red Violet continues to attract attention from industry stakeholders. The company's strategic initiatives and robust financial performance underscore its potential for sustained growth and its status as a competitive player in the data analytics sector. For more insights into Red Violet's operational strategies and market position, further information is available below.

Mission Statement of Red Violet, Inc. (RDVT)

Mission Statement of Red Violet, Inc. (RDVT)

The mission statement of Red Violet, Inc. (RDVT) serves as a guiding framework for the company’s long-term objectives and operational strategies. It articulates the company’s commitment to delivering high-quality data intelligence and identity solutions, leveraging advanced technologies to enhance client outcomes and drive operational efficiency. The mission statement is fundamentally structured around three core components: customer focus, innovation, and integrity.

Core Component 1: Customer Focus

Red Violet emphasizes a strong commitment to its customers. This focus is reflected in their mission to provide tailored solutions that meet the unique needs of their clients. Recent statistics indicate that the company has successfully expanded its customer base, growing from 7,769 billable customers as of September 30, 2023, to 8,743 customers by September 30, 2024, marking an increase of approximately 12.5%.

Core Component 2: Innovation

Innovation is a cornerstone of Red Violet’s mission. The company continuously invests in developing cutting-edge technologies and methodologies to enhance its data services. For instance, revenue from new customers increased by $0.7 million, or 15%, during the nine months ended September 30, 2024. This demonstrates the effectiveness of their innovative approaches in attracting new clientele and expanding service offerings.

Core Component 3: Integrity

Integrity is integral to Red Violet’s operational ethos. The company strives to maintain transparency and ethical standards in all its business dealings. Financial performance metrics underscore this commitment, with net income reported at $6.1 million for the nine months ended September 30, 2024, compared to $14.6 million for the same period in 2023. This reflects the company's focus on sustainable growth and accountability in financial reporting.

Vision Statement of Red Violet, Inc. (RDVT)

Vision for Identity Intelligence

Red Violet, Inc. envisions a future where organizations can operate with complete confidence through enhanced identity intelligence. The company aims to leverage its proprietary technologies to provide real-time insights that empower stakeholders to make informed decisions. This vision is reflected in their commitment to reducing costs associated with identity verification and fraud prevention while simultaneously increasing operational efficiency.

Commitment to Safety and Security

The company is dedicated to making the world a safer place by utilizing advanced analytical capabilities and machine learning. Red Violet’s technology is designed to mitigate risks associated with identity fraud and regulatory compliance. The vision emphasizes not only the protection of consumer identities but also the safeguarding of organizational assets.

Innovative Solutions and Customer Empowerment

Red Violet aims to transform how organizations interact with vast datasets. By harnessing cloud-native technology and innovative applications, the company seeks to provide intuitive interfaces that simplify data analysis. The company’s vision includes empowering businesses of all sizes to derive actionable insights from complex information, thereby enhancing customer acquisition and retention strategies.

Market Expansion and User Growth

As of September 30, 2024, Red Violet reported significant growth in its customer base. IDI™, the company’s flagship product, serves 8,743 billable customers, an increase from 7,769 in the previous year. Additionally, the FOREWARN® application has grown to 284,967 users, up from 168,356. This growth underscores Red Violet’s commitment to expanding its market presence and enhancing its service offerings.

Financial Sustainability and Growth

Red Violet is focused on sustainable growth through strategic investments in technology and personnel. For the nine months ending September 30, 2024, the company reported revenue of $55,624,000, compared to $45,143,000 in the same period in 2023. This growth is accompanied by a decrease in accumulated deficits, showing improved financial health and operational efficiency.

Future Innovations and Developments

Looking ahead, Red Violet plans to continue enhancing its CORE™ platform to meet evolving market demands. The vision includes the integration of advanced machine learning techniques to further refine identity verification processes and risk assessment methodologies. This commitment to innovation is crucial for maintaining a competitive edge in the identity intelligence sector.

Core Values of Red Violet, Inc. (RDVT)

Integrity

Integrity is a fundamental value at Red Violet, Inc. (RDVT), guiding every aspect of the company's operations. This commitment to ethical practices ensures transparency and trust with clients, employees, and stakeholders.

Red Violet has demonstrated its commitment to integrity through rigorous compliance programs and transparent reporting practices. For instance, the company adheres to strict data privacy regulations, ensuring that customer data is handled ethically and responsibly. In 2024, RDVT invested $1.2 million in compliance and security measures to strengthen its data protection protocols, reflecting its dedication to maintaining high ethical standards.

Innovation

Innovation is at the heart of Red Violet's strategy, driving its growth and competitive advantage. The company continuously seeks to enhance its products and services through advanced technology and creative solutions.

In 2024, RDVT launched a new data analytics platform that leverages machine learning and artificial intelligence, resulting in a 30% increase in processing speed compared to previous offerings. This innovation attracted 1,200 new customers, contributing to a revenue increase of $10.5 million or 23% compared to the previous year .

Customer Commitment

Customer commitment is paramount for Red Violet, emphasizing the importance of understanding and serving client needs. The company strives to build long-lasting relationships and provide exceptional service.

In 2024, RDVT expanded its customer support team, increasing personnel by 25%, which led to a 15% reduction in response times. Furthermore, customer satisfaction ratings rose to 92%, up from 85% in 2023, demonstrating the effectiveness of their enhanced service initiatives .

Collaboration

Collaboration within Red Violet fosters a culture of teamwork and shared success. The company believes that collective efforts lead to innovative solutions and enhanced productivity.

In 2024, RDVT implemented a new collaborative software tool that improved project management efficiency by 40%. This change enabled cross-departmental teams to work seamlessly together, resulting in the successful launch of three new products within the year .

Excellence

Excellence is a core value that drives Red Violet to pursue the highest standards in its operations and service delivery. The company is committed to continuous improvement and quality assurance.

In 2024, RDVT achieved a 95% rating in operational excellence metrics, surpassing industry benchmarks. The company also received recognition from the Data Management Association for its outstanding practices, further validating its commitment to excellence .

Updated on 16 Nov 2024

Resources:

1. Red Violet, Inc. (RDVT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Red Violet, Inc. (RDVT)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Red Violet, Inc. (RDVT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.