AuditBoard Acquisition, Valuation, Funding & Investors
AuditBoard was acquired by Hg for $3B in May 2024, a 15.0x multiple on $200M of revenue.
AuditBoard acquisition price
$3B
Acquired by Hg · May 2024
AuditBoard revenue at acquisition
$200M
Last twelve months · May 2024
AuditBoard revenue multiple at acquisition
15.0x
EV/Revenue · May 2024
Cumulative funding AuditBoard raised
$214M
across 3 funding rounds
About AuditBoard
AuditBoard is a cloud platform automating audit, risk, ESG, and InfoSec management for enterprises. Los Angeles-headquartered, it serves finance, healthcare, and technology firms with tools for SOX compliance, internal controls testing, and governance reporting, integrating with ERP systems like SAP and Oracle.
Founded
2014
HQ
Los Angeles, CAWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$200M (May 2024)
Valuation
$3B (acquired May 2024)
AuditBoard Acquisition
AuditBoard was acquired by Hg for $3B on 23 May 2024.
The acquisition price implies a 15.0x revenue multiple on $200M of revenue.
Before the acquisition AuditBoard had raised $214M across 3 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 23 May 2024 | PE buyout | $3B | 15.0x |
AuditBoard Funding History
AuditBoard has raised a total of $214M across 3 funding rounds.
AuditBoard's first fundraising round was a $4M Series A in April 2017. The most recent completed round was a $171M undisclosed-stage round in January 2025.
AuditBoard funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jan 2025 | Undisclosed stage | Employee Stock Option Fund | $171M | - |
| Aug 2018 | Series B | Battery Ventures (lead); Mucker Capital; Act One Ventures | $40M | AuditBoard is a Los Angeles-based cloud-software platform that automates and transforms enterprise risk, audit, and compliance workflows, including SOX compliance, controls management, operational audits, ERM, and workflow management. Founded in 2014 by Daniel Kim and Jay Lee, former PwC and EY auditors, the company serves major clients like TripAdvisor, Lululemon, HD Supply, Express Scripts, and Spirit Airlines. On August 15, 2018, AuditBoard announced a $40 million Series B funding round led by Battery Ventures, with participation from Act One Ventures and Mucker Capital; Battery's Michael Brown joined the board. The funds were intended to expand sales, marketing, and product development. The investment highlighted AuditBoard's strong product-market fit in the emerging CFO suite software market, where cloud-based tools were replacing manual processes like Excel for ERP, tax compliance, and procurement. Battery Ventures identified AuditBoard through research into under-invested enterprise SaaS areas for financial teams. Notably, AuditBoard operated profitably from inception and did not utilize the 2018 capital, building cash reserves instead while focusing on customer traction and growth. Later developments include crossing $200 million ARR by late 2023 and an agreement in 2024 to be acquired by Hg for over $3 billion, representing over 20x growth from the 2018 valuation baseline, serving over 2,000 enterprises including nearly 50% of the Fortune 500. |
| Apr 2017 | Series A | Act One Ventures (lead); Mucker Capital (lead) | $4M | - |
Who has invested in AuditBoard?
4 investors have backed AuditBoard across its funding rounds, including Mucker Capital, Act One Ventures, Battery Ventures and Employee Stock Option Fund.
Lead investors include Battery Ventures, Act One Ventures and Mucker Capital.
AuditBoard Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| United States | 2 | Lead | Apr 2017 | |
| Los Angeles, CA | 2 | Lead | Apr 2017 | |
This data is available for Pro users. Sign up to see all 4 AuditBoard investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by AuditBoard
AuditBoard has acquired 1 company to date.
Last acquisition by AuditBoard was on October 22nd 2025. AuditBoard acquired FairNow for undisclosed valuation.
Latest Acquisitions by AuditBoard
| Description | FairNow is an AI governance platform that monitors models for fairness, compliance, and audit readiness. The New York-based solution scans deployments across cloud environments, flagging biases and regulatory risks for enterprises in finance, healthcare, and technology sectors worldwide. |
| HQ Country | |
| HQ City | Washington, DC |
| Deal Date | 22 Oct 2025 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all AuditBoard acquisitions and their M&A valuation multiples. Start Free Trial | |
Common questions about AuditBoard
| When was AuditBoard founded? | AuditBoard was founded in 2014. |
| Where is AuditBoard headquartered? | AuditBoard is headquartered in Los Angeles, CA, United States. |
| Is AuditBoard publicly listed? | No, AuditBoard was acquired by Hg in May 2024. |
| Who acquired AuditBoard? | AuditBoard was acquired by Hg in May 2024. |
| How much was AuditBoard acquired for? | AuditBoard was acquired for $3B in May 2024, a 15.0x revenue multiple. |
| How much funding has AuditBoard raised? | AuditBoard has raised $214M across 3 funding rounds. |
| What was AuditBoard's last funding round? | AuditBoard's last funding round was a $171M undisclosed-stage round in January 2025. |
| Who are AuditBoard's investors? | AuditBoard's investors include Mucker Capital, Act One Ventures, Battery Ventures and Employee Stock Option Fund. |
| How many companies has AuditBoard acquired? | AuditBoard has acquired 1 company, including FairNow. |
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