Mergers and acquisitions for the week of May 27, 2024

Summary of significant mergers and acquisitions involving Southern California companies.

Hg, a leading investor in the European and transatlantic software and services sector, announced that it has acquired Cerritos-based AuditBoard in a transaction valued at over $3 billion. AuditBoard is a venture-backed connected risk platform focused on audit, risk, compliance and ESG governance.

“We are grateful to our clients and their teams for the trust they have placed in us, and we see our partnership with Hg as further validation of our focus on practices,” Scott Arnold, CEO of AuditBoard, said in a statement.

AuditBoard was founded in 2014 and has over 2,000 clients worldwide. It announced that it passed a milestone of $200 million in annual recurring revenue last year. Battery Ventures was the company’s largest institutional shareholder.

Aircraft

Newport Beach investment firm L Squared Capital Partners has announced the sale of its portfolio company Raptor Scientific to TransDigm Group Inc. based in Cleveland for approximately $655 million in cash, including certain tax benefits.

Raptor Scientific is a leading global aerospace manufacturer specializing in complex test and measurement solutions for the aerospace and defense markets. The sale is expected to generate approximately $90 million in revenue for the calendar year ending December 31, 2024.