AuditBoard, a leading cloud software platform for automation and transformation of the way companies handle critical risk, audit and compliance work, announced a $40 million Series B investment led by the global investment firm Battery Ventures. Battery General Partner Michael Brown will join the Board of Directors of the AuditBoard as part of the transaction.
The AuditBoard, founded in 2014 by former PwC and EY auditors Daniel Kim and Jay Lee, will use funding to support product development, accelerate sales and marketing, and build new business partnerships. Customers include large public companies that are 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 record system for internal audit, compliance and risk teams.
“Our company is based 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 manage risk,” said Kim, Chief Executive Officer of AuditBoard. “Today, too many auditors cobble together different tools to do this, including old-fashioned spreadsheets, and it hurts the quality of internal controls. “That’s right.
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 for large, publicly traded companies.
Since its inception, the AuditBoard has experienced hyper-growth The company serves customers across industries, from private, pre-IPO to Fortune 500 customers, including TripAdvisor, Lululemon, HD Supply, Express Scripts and Spirit Airlines. Now, the company is looking forward to a new phase of growth “We are very excited to work with Battery, which has invested in many other financial-tech companies, to continue the expansion of the AuditBoard, including the launch of new products and the development of our partner network,” said Lee, President of the company.
Michael Brown’s Added Battery: “We were impressed by AuditBoard’s product and 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 great opportunity for the AuditBoard to continue to grow. We have previously invested in similar companies that sell technology to CFOs – from Avalara* and Intact* to Outlooksoft* and Bonfire* – and are thrilled to partner with Daniel, Jay and their team, who have already built a significant business in a short time. “That’s right.
In 2017, the AuditBoard partnered with Donnelley Financial Solutions to develop industry-leading SEC reporting and SOX management integration. “AuditBoard’s rapid growth in the industry is a testament to the demand for improved audit technology. We are excited about our partnership and confident that the leadership team will continue to innovate and empower auditors and compliance officers in the future,” said Craig Clay, President of Global Capital Markets, Donnelley Financial Solutions (NYSE: DFIN).
*For more information on Battery Ventures and a complete list of Battery Venture Investments, click here.
About the Board of Audit
AuditBoard is a cloud-based platform that transforms the way companies automate, collaborate and report on critical risk, audit and compliance workflows in real time. AuditBoard offers a full suite of easy-to-use audit management and compliance solutions for SOX, control management, operational audits, ERM and workflow management. Clients of the AuditBoard include the industry-leading pre-IPO of Fortune 50 companies seeking to streamline their accounting and audit functions. For more information, please: www Board of auditors Come on,
About the Battery Venture
Battery is committed to investing in state-of-the-art, category-defining companies in markets including software and services, web infrastructure, consumer Internet, mobile and industrial technologies. Founded in 1983, the company supports companies from seed to private equity and invests globally from Boston, San Francisco Bay Area, Tel Aviv, New York and London.
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