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Private Equity Firm Hg Acquires AuditBoard for $3 Billion

Private equity company Hg has acquired audit, compliance and risk management firm AuditBoard for over $3 billion.

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. 

Related: Cybersecurity M&A Roundup for First Half of May 2024

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Related: Cybersecurity M&A Roundup: 33 Deals Announced in April 2024

Related: Darktrace to Be Taken Private in $5.3 Billion Sale to Thoma Bravo

Written By

Eduard Kovacs (@EduardKovacs) is a managing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.


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