AuditBoard has announced that it has reached an agreement to be acquired by Hg in a transaction valued at over $3bn.
The deal validates AuditBoard’s customer-centric approach and combination of technology and domain expertise at a time when demand for its connected risk platform and related solutions is fuelling rapid global growth.
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Auditboard now serves more than 2,000 enterprises, including nearly 50% of the Fortune 500
Founded in 2014, AuditBoard announced earlier this year it had crossed a milestone of $200m in annual recurring revenue during late 2023. Its last funding round took place in 2018, a Series B led by Battery Ventures, the firm’s largest institutional shareholder.
Scott Arnold, AuditBoard CEO, said: “We are grateful to our customers and their teams for the trust they have placed in us, and view our partnership with Hg as further validation of our practitioner-first focus. The foundation and culture that our founders created has meaningfully scaled to create an opportunity for AuditBoard to become the platform of choice for global organizations to connect and manage risk. This is an important milestone for the company, and we couldn’t have done it without the unwavering support of our employees, partners, and incredible investors – especially Battery Ventures. We look forward to continuing to build and expand the platform of the future with Hg.”
Nic Humphries, Senior Partner and Head of the Saturn funds at Hg, commented: “AuditBoard’s astonishing growth is a result of its commitment to its SaaS-native beginnings, focus on customer success and a differentiated, truly modern tech stack. We have been tracking the company’s progress for the past five years and see a massive opportunity ahead. We are excited to partner with Scott and the AuditBoard team, to support the company on its next phase of rapid global growth and platform expansion.”
Goldman Sachs is serving as an exclusive financial advisor to AuditBoard.
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