Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Funding/M&A

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

Advertisement. Scroll to continue reading.

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.

Trending

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Join the session as we discuss the challenges and best practices for cybersecurity leaders managing cloud identities.

Register

The AI Risk Summit brings together security and risk management executives, AI researchers, policy makers, software developers and influential business and government stakeholders.

Register

People on the Move

Gabriel Agboruche has been named Executive Director of OT and Cybersecurity at Jacobs.

Data security startup Reco adds Merritt Baer as CISO

Chris Pashley has been named CISO at Advanced Research Projects Agency for Health (ARPA-H).

More People On The Move

Expert Insights