Connected risk management platform AuditBoard today announced that it has reached an agreement to be acquired by Hg, an investor in compliance, risk, and accounting software for 20 years, in a transaction valued at over $3 billion.

AuditBoard’s platform is focused on simplifying audit, risk, compliance and ESG management. Founded in 2014, the company serves over 2,000 enterprises, including nearly 50 per cent  of the Fortune 500. 

It announced earlier this year it had crossed a milestone of $200 million in annual recurring revenue during late 2023. 

According to  Scott Arnold, AuditBoard CEO: 

““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 organisations to connect and manage risk. 

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, attributes AuditBoard’s growth to 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.”

Hg will use its experience to support AuditBoard’s differentiated offerings as it continues to scale, focusing on product innovation, international growth, and customer success.