AuditBoard, a Los Angeles-based provider of a connected risk platform for audit, risk, compliance, and ESG management, is set to be acquired by Hg, an investor in compliance, risk, and accounting software, in a transaction valued at over $3 billion.
Strategic Growth Partnership
Hg’s investment aims to accelerate AuditBoard’s growth as it continues to expand its platform and global presence. Scott Arnold, CEO of AuditBoard, expressed enthusiasm for the partnership, highlighting the potential for enhanced growth and innovation.
About AuditBoard
Founded in 2014, AuditBoard offers a cloud-based connected risk management platform designed to streamline audit, risk, compliance, and ESG management processes. The platform is utilized by more than 2,000 enterprises, including nearly 50% of the Fortune 500.
AuditBoard achieved a significant milestone earlier this year, surpassing $200 million in annual recurring revenue by late 2023. The company’s last funding round occurred in 2018 with a Series B led by Battery Ventures.
Scott Arnold emphasized AuditBoard’s commitment to providing comprehensive risk management solutions and the opportunity to further innovate with Hg’s support.
About Hg
Hg is a prominent investor specializing in compliance, risk, and accounting software. With this acquisition, Hg aims to leverage its expertise to support AuditBoard’s continued growth and platform expansion.
Future Prospects
The acquisition by Hg is expected to provide AuditBoard with the resources and strategic guidance needed to enhance its product offerings and extend its reach globally. This partnership signifies a substantial step forward for AuditBoard in its mission to deliver top-tier risk management solutions to enterprises worldwide.
AuditBoard’s platform continues to gain traction among large enterprises, reflecting the growing importance of comprehensive risk management in today’s business environment. With Hg’s backing, AuditBoard is well-positioned to further solidify its leadership in the industry and drive significant advancements in the risk management landscape.
Conclusion
AuditBoard’s acquisition by Hg for over $3 billion marks a significant milestone in the company’s growth trajectory. The partnership promises to accelerate AuditBoard’s platform expansion and global reach, reinforcing its position as a leader in connected risk management solutions.
