London-based private equity giant Hg has agreed to acquire AuditBoard, a cloud-based platform for audit, risk, compliance and ESG management, in a transaction valued at over $3bn including debt.
The acquisition is being led by Hg’s San Francisco-based office, which opened in 2022.
AuditBoard was founded in 2014 and serves more than 2,000 enterprises, including nearly 50% of the Fortune 500, according to a press statement. The California-based company reached $200m in annual recurring revenue late last year.
Scott Arnold, CEO of AuditBoard, described the acquisition as “further validation of our practitioner-first focus”.
Alan Cline, Head of North America at Hg, added that AuditBoard was “exactly the type of business we partner best with – one that truly knows its customers and innovates to bring them the best possible products”.
Goldman Sachs & Co and Cooley are advising AuditBoard.
Source: Private Equity Wire
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