UK-based private equity firm Hg has recently completed a significant acquisition deal, acquiring AuditBoard for more than $3 billion. This move also includes a substantial investment of £87.2 million ($111 million) into AuditBoard, a firm specializing in audit, compliance, and risk management solutions. AuditBoard’s platform is designed to streamline audit processes, accelerate compliance efforts, manage risks effectively, and monitor ESG trends and metrics for enterprises. With over $200 million in annual recurring revenue and a clientele that includes nearly half of the Fortune 500 companies, AuditBoard has demonstrated robust growth and a strong market presence.
Nic Humphries, senior partner at Hg, highlighted AuditBoard’s impressive growth trajectory, attributing it to the company’s commitment to SaaS technology, customer-centric approach, and modern tech infrastructure. Hg’s decision to invest in AuditBoard follows years of tracking the company’s progress and aligns with their strategy of supporting high-growth software and services businesses in Europe and transatlantic regions. The acquisition underscores Hg’s confidence in AuditBoard’s market position and growth potential within the competitive landscape of audit and compliance software solutions.
In the broader context of mergers and acquisitions (M&A) within the cybersecurity sector, Hg’s acquisition of AuditBoard contributes to a significant trend involving private equity firms. According to analysis by SecurityWeek, private equity companies were involved in 37 out of over 400 cybersecurity-related M&A deals announced in 2023, totaling $17.1 billion in disclosed financial transactions. This highlights a robust interest and investment in technology firms focused on cybersecurity, compliance, and risk management solutions, driven by increasing digital transformation and regulatory requirements across industries.
