May 28, 2024 at 08:51AM
Hg, a UK-based private equity company, has acquired AuditBoard for over $3 billion and invested $111 million in it. AuditBoard offers a platform for streamlining audits, compliance, risk detection, and ESG monitoring, with a claimed annual recurring revenue exceeding $200 million and over 2,000 customers. The acquisition reflects a long-term engagement by Hg in tracking AuditBoard’s progress.
From the meeting notes, the key takeaways are:
– UK-based private equity company Hg has acquired audit, compliance, and risk management firm AuditBoard for over $3 billion.
– Hg has also invested £87.2 million ($111 million) in AuditBoard, which focuses on European and transatlantic software and services businesses.
– AuditBoard provides a platform to help enterprises streamline audits, accelerate compliance, address risks, and monitor ESG trends and metrics.
– The company has raised over $43 million in funding and claims to have a customer base of over 2,000, including nearly half of the Fortune 500 firms.
– AuditBoard’s annual recurring revenue has exceeded $200 million.
– Senior partner at Hg, Nic Humphries, highlighted AuditBoard’s growth, attributing it to its commitment to SaaS-native beginnings, customer success focus, and modern tech stack.
– SecurityWeek’s analysis revealed that private equity companies were involved in 37 of the more than 400 cybersecurity-related M&A deals announced in 2023, with a total disclosed value of $17.1 billion.
Let me know if there is anything else you would like me to address or if you need further details.