Best-in-class, cash-flow positive growth continues on the strength of customer demand for innovative connected risk platform.
AuditBoard, the leading cloud-based platform transforming audit, risk, compliance, and ESG management, today announced the company recently surpassed $200 million in annual recurring revenue (ARR) with its strongest bookings quarter, and year, in company history. AuditBoard’s potent combination of innovative technology and increasing market demand continues to fuel the company’s accelerated growth. AuditBoard now serves more than 2,000 enterprises, including nearly 50% of the Fortune 500. The company’s capital-efficient model has sustained its rapid growth and expansion, with its last funding round, led by Battery Ventures, taking place in 2018.
AuditBoard reached this latest revenue milestone 9 months after announcing that the company had exceeded $150M in ARR. This exceptional growth is a result of substantial and increasing demand for the company’s connected risk platform and solutions. These solutions are made up of customer-focused innovations connecting audit, risk, infosec, and ESG teams across the enterprise, and include expanded capabilities like AuditBoard IT Risk Management™, AuditBoard AI™, AuditBoard Analytics™, and AuditBoard Operational Risk Management™. The addition of these new offerings extends AuditBoard’s successful expansion over the past few years into adjacent teams and use cases, including InfoSec and ESG, and in new geographies, including Europe.
This growth is made possible by overwhelmingly positive sentiment from customers regarding their experience with AuditBoard’s applications. AuditBoard has class-leading ratings on G2.com which span the full range of risk management use cases. AuditBoard has been named a Leader in both the ERM (formerly GRC) and Audit Management categories for an unprecedented 16 and 17 consecutive quarters, respectively. The company has also been named a leader in third-party Risk Management for three consecutive quarters, and in ESG Management and IT Risk Management in the most recent G2 Grid Report. AuditBoard was also recently cited as a Top 100 Software Product (amongst more than 100,000 apps across all B2B categories and industries) in G2’s Best B2B Software Awards for the second year in a row.
“Our focus is on helping our customers realize ever-deepening value from our solutions as we extend our platform to help them manage more risks, more efficiently,” said AuditBoard President and CEO Scott Arnold. “We empower teams to deliver greater business value to their organizations by working together frictionlessly across functions to focus on what matters most.”
“AuditBoard’s path to ‘unicorn’ status has been unlike that of many venture-backed companies—but the company’s disciplined strategy is clearly the right one for the moment,” said Michael Brown, General Partner at Battery Ventures. “Reaching $200m in ARR as rapidly and efficiently as AuditBoard has, without raising excessive capital, is a testament to their strong value to customers and smart growth approach to the business. The company’s ability to execute, combined with the market opportunity ahead, has made AuditBoard a noteworthy B2B SaaS success story.”
AuditBoard’s commitment to expanding the platform capabilities of its connected audit, risk, compliance, and ESG management has led to a wave of industry recognition to go with its customer accolades. AuditBoard has been lauded as a Hot Company in Third-Party Risk Management by the CyberDefense Awards, named a Business Intelligence Group Company of the Year for the second year in a row, and was also honored for the fifth consecutive year as one of the fastest-growing technology companies in North America by Deloitte, joining an elite group of high-growth technology companies like Snap, SmartSheet, and Zscaler in being named to the list five times in a row. AuditBoard is also top-rated by customers on Gartner Peer Insights and was recently Certified™ as a Great Place To Work® for the second year in a row.
Over the last year, AuditBoard also added key executives to help guide the company through the next phase of growth and innovation, including Chief Development Officer Haibei (Happy) Wang, formerly the Chief Technology Officer at Everbridge, where she led worldwide product development, data, and artificial intelligence and machine learning teams. In addition, accomplished SaaS executive Roxanne Oulman, who as EVP and CFO led Medallia to a successful 2019 IPO, joined the Board of Directors.
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