LOS ANGELES--(BUSINESS WIRE)--AuditBoard, a leading cloud-software platform for automating and transforming the way enterprises handle critical risk, audit and compliance work, announced a $40 million Series B investment led by global investment firm Battery Ventures. As part of the transaction, Battery General Partner Michael Brown will join AuditBoard’s board of directors.
AuditBoard, which was founded in 2014 by former PwC and EY auditors Daniel Kim and Jay Lee, will use the financing to support product development, accelerate sales and marketing and build new business partnerships. Customers include large public companies now required to comply with complex regulations such as Sarbanes-Oxley as well as areas of operational audit work and risk management such as compliance with the International Organization for Standardization (ISO) or Payment Card Industry (PCI). AuditBoard provides an end-to-end solution and a system of record for internal audit, compliance and risk teams.
“Our company was founded on a simple vision: Businesses want an easy-to-use, comprehensive and integrated tool to help them report and manage all their audit and compliance activities, and to manage risk,” said Kim, AuditBoard’s CEO. “Today, too many auditors are cobbling together different tools to do this, including old-fashioned spreadsheets, and it is hurting the quality of internal controls.”
Kim started the company four years ago with his childhood friend Lee, developing an early version of the AuditBoard product after working as an internal auditor at large, publicly-traded companies.
AuditBoard has experienced hyper-growth since its inception. The company serves customers across industries, ranging from private, pre-IPO companies to Fortune 500 clients, including TripAdvisor, Lululemon, HD Supply, Express Scripts and Spirit Airlines. Now, the company looks forward to a new phase of growth. “We’re very excited to work with Battery, which has invested in many other financial-tech companies, to continue AuditBoard’s expansion, including launching new products and building our partner network,” said Lee, the company’s President.
Added Battery’s Michael Brown: “We were impressed with AuditBoard’s product and its customer traction. With more CFOs now turning to dedicated, cloud-based software tools for various tasks, from ERP to tax compliance to procurement, we see a big opportunity for AuditBoard to continue to grow. We have invested before in similar companies that sell technology to CFOs—ranging from Avalara* and Intacct* to Outlooksoft* and Bonfire*—and we are excited to partner with Daniel, Jay and their team, who have already built a significant business in a short amount of time.”
In 2017, AuditBoard partnered with Donnelley Financial Solutions to create the industry's best SEC reporting and SOX management integration. “AuditBoard's fast growth in the industry is a testament to the demand for improved audit technology. We're excited about our partnership and confident that the leadership team will continue to innovate and empower auditors and compliance officers into the future,” said Craig Clay, President of Global Capital Markets, Donnelley Financial Solutions (NYSE: DFIN).
*For more information about Battery Ventures and a complete list of Battery Ventures' investments, click here.
AuditBoard is the leading cloud-based platform transforming the way enterprises automate, collaborate and report in real-time on critical risk, audit and compliance workflows. AuditBoard offers a full suite of easy-to-use audit management and compliance solutions for SOX, controls management, operational audits, ERM and workflow management. AuditBoard’s clients include industry-leading pre-IPO to Fortune 50 companies looking to streamline their accounting and audit functions. For more information: www.auditboard.com.
About Battery Ventures
Battery strives to invest in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, consumer Internet, mobile and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to private equity and invests globally from offices in Boston, the San Francisco Bay Area, Tel Aviv, New York and London. Follow the firm on Twitter @BatteryVentures, visit our website at http://www.battery.com and find a full list of Battery's portfolio companies here.