UK-based private equity company Hg announced last week that it reached an agreement to acquire audit, compliance and risk management firm AuditBoard for more than $3 billion.
Hg, which focuses on European and transatlantic software and services businesses, also announced that it has invested £87.2 million ($111 million) in AuditBoard.
AuditBoard provides a platform that can help enterprises streamline audits, accelerate compliance, detect and address risks, and monitor environmental, social, and governance (ESG) trends and metrics.
The company has raised more than $43 million in funding and claims to have over 2,000 customers, including nearly half of the Fortune 500 firms.
The firm says its annual recurring revenue has exceeded $200 million.
“AuditBoard’s astonishing growth is a result of its commitment to its SaaS-native beginnings, focus on customer success and a differentiated, truly modern tech stack,” said Nic Humphries, senior partner at Hg. “We have been tracking the company’s progress for the past five years and see a massive opportunity ahead.”
An analysis conducted by SecurityWeek showed that of the more than 400 cybersecurity-related M&A deals announced in 2023, 37 involved private equity companies. Financial details were disclosed for 13 of these transactions, with a total value of $17.1 billion.
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