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Private-equity investor Hg agreed in May 2024 to acquire AuditBoard in a deal valued at more than $3 billion. HgCapital Trust later reported that the investment completed in July 2024. The headline figure is the deal’s reported value—not a disclosed purchase price breakdown or the amount HgCapital Trust itself invested.
What does AuditBoard do?
Founded in 2014, AuditBoard sells enterprise software for audit, risk and compliance management, as well as environmental, social and governance (ESG) management. It describes its offering as a connected risk platform: software intended to bring those related business functions together.
At the time of the May 2024 announcement, AuditBoard said it served more than 2,000 enterprises, including nearly 50% of the Fortune 500. Those are company-reported customer figures from its 2024 announcement.
What happened, and when did the acquisition close?
- May 23, 2024: Hg announced an agreement to acquire AuditBoard in a transaction valued at more than $3 billion.
- July 2024: HgCapital Trust’s FY 2024 report recorded that its investment in AuditBoard had completed.
The May announcement described an agreed acquisition, not a completed one. The later report provides the completion timing.
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What does “more than $3 billion” mean?
It is the headline value given in Hg’s May 2024 announcement. HgCapital Trust’s regulatory notice on the same date said the transaction terms were not disclosed. The official notices therefore do not provide a detailed breakdown of the deal price, nor enough information to calculate a reliable purchase-price-to-revenue multiple.
AuditBoard said it had passed $200 million in annual recurring revenue during late 2023. That is a company-reported recurring-revenue milestone, not a disclosed sale price or a complete valuation denominator. Comparing it with the headline transaction value can provide scale, but it does not establish a formal valuation multiple.
How much did Hg actually invest?
Hg’s headline transaction value and HgCapital Trust’s reported investment are different figures. HgCapital Trust (HgT) is an investment vehicle; it said other institutional clients invested alongside Hg through the Hg Saturn 3 Fund.
| Figure | What it refers to | Source and timing |
|---|---|---|
| More than $3 billion | Headline value of the AuditBoard transaction; detailed terms were not disclosed. | Hg announcement, May 23, 2024 |
| Approximately £87.2 million | Amount HgT said it expected to invest when announcing the transaction. Other institutional clients were investing alongside Hg. | HgT regulatory announcement, May 23, 2024 |
| £114.5 million, including £26.9 million in co-investment | HgT’s reported total FY 2024 investment in AuditBoard. This is a later annual-report figure, not a revised transaction price. | HgT FY 2024 report, published 2025 |
The £87.2 million and £114.5 million figures reflect different reporting contexts and should not be treated as interchangeable. Neither is the dollar-denominated headline value for the whole transaction.
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Why did Hg buy AuditBoard?
Hg said it saw potential to support AuditBoard’s product innovation, international growth, customer success and broader platform expansion. Nic Humphries, Hg senior partner and head of the Saturn funds, said Hg had tracked the company for five years and saw “a massive opportunity ahead.”
AuditBoard’s growth was not presented solely as a story of rapid expansion. Battery Ventures, an earlier investor, said the company had operated profitably since Battery’s initial investment in 2018. That account helps explain how AuditBoard could attract a large private-equity deal while maintaining an enterprise-software growth story; it is Battery’s characterization of the company’s operating history.
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Is AuditBoard a private company now?
Hg’s acquisition was completed in July 2024, according to HgCapital Trust’s FY 2024 report. AuditBoard is therefore under Hg’s private-equity investment rather than remaining an independent company. The available transaction notices do not detail the resulting legal entity or shareholder structure.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What did the companies say about the deal?
AuditBoard CEO Scott Arnold described the partnership as “further validation” of the company’s practitioner-first focus and thanked customers for their trust. Co-founder Daniel Kim said the acquisition realized the founders’ vision and validated a customer- and practitioner-centric approach to developing technology. These are the company leaders’ views of the transaction, rather than disclosed financial terms.
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