AuditBoard receives $40m Series B to support development of new products

AuditBoard, an automated audit and compliance platform, has received $40m in its Series B round of funding.

The investment was led by Battery Ventures, and as part of the transaction, firm partner Michael Brown will join the board of AuditBoard.

Founded in 2014, the company delivers a cloud-based solution helping enterprises to automate their critical risk, audit and compliance workflows.

The company offers a tools suite of audit management and compliance software for SOX, controls management, operational audits, ERM and workflow management. Cyber risk management software is also provided by the company, assessing the points of risk in the enterprise.

AuditBoard’s OpsAudit provides teams with a solution to manage all audit projects and conduct risk analysis. Using customisable workflows and dashboards, clients can improve efficiency of the daily tasks and real-time reporting access.

Its solutions help enterprises across a range of industries to comply with necessary compliance such as those with the international organization for standardization or payment card industry.

Following the investment, the company hopes to continue its expansion efforts, which includes the launching of new products and building its partner network.

Battery partner Michael Brown: “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.”

Last year, the company partnered with Donnelley Financial Solutions to build an SEC reporting and SOX management solution.

Copyright © 2018 FinTech Global

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