AuditBoard has reached an agreement to be acquired in a transaction valued at over $3bn, by Hg, an experienced and global leading investor in compliance, risk, and accounting software.
The acquisition of AuditBoard by Hg underscores the growing significance of technology in the realm of audit, risk, and compliance management.
With a transaction valued at over $3 billion, this deal marks a significant milestone for both companies, signifying not only financial validation but also strategic alignment in addressing the evolving needs of enterprises worldwide.
AuditBoard, founded in 2014, has rapidly established itself as a trailblazer in risk management solutions. Through its innovative technology, including the recently announced AuditBoard AI, and deep domain expertise, AuditBoard serves over 2,000 enterprises, boasting a clientele that includes nearly 50% of the Fortune 500.
The company’s commitment to customer success and its practitioner-first focus have propelled its growth, culminating in crossing the $200 million annual recurring revenue milestone in late 2023.
Hg, on the other hand, brings decades of experience and expertise as a global investor in compliance, risk, and accounting software. With a successful track record spanning two decades, Hg is poised to leverage its resources and insights to support AuditBoard’s continued expansion and innovation.
The acquisition not only validates AuditBoard’s customer-centric approach but also signifies a testament to its relentless pursuit of excellence in the SaaS space. Scott Arnold, CEO of AuditBoard, expressed gratitude towards customers and stakeholders, highlighting the pivotal role they played in the company’s journey. He emphasized the significance of the partnership with Hg in propelling AuditBoard towards becoming the platform of choice for global risk management.
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