Hg buys AuditBoard for $3 million

Risk management software provider AuditBoard is being acquired by private equity firm Hg in a deal valued at more than $3 million.

“We are grateful to our clients and their teams for the trust they have placed in us, and we see our collaboration with Hg as further validation of our focus on practices,” Scott Arnold, CEO of Cerritos, California-based AuditBoard, said in a May 23 statement, adding that the transaction is an important milestone for the company.

“The foundation and culture that our founders created have evolved significantly to position AuditBoard as the platform of choice for global organizations to connect and manage risk,” he said.

Accounting today announced that AuditBoard will continue to operate as an independent, wholly-owned subsidiary of London-based Hg.

Hg officials said the company will help AuditBoard accelerate further growth as it continues to expand its cloud-based audit, compliance and risk management platform and global footprint.

“AuditBoard is exactly the type of company we work best with – one that really knows its customers and innovates to provide them with the best products possible,” said Alan Cline, head of North America at Hg.

Founded in 2014, AuditBoard currently serves over 2,000 enterprises, including nearly 50% of the Fortune 500. Earlier this year, the company announced that it had crossed the $200 million mark in annual recurring revenue by the end of 2023. The last round of funding was in 2018 – Series B led by Battery Ventures.