Rapidly Growing SaaS Provider Passes 1,200th Customer Mark, Now Serves Over 30% of the Fortune 500 as it approaches $100M in ARR
LOS ANGELES, October 20, 2021--(BUSINESS WIRE)--AuditBoard, the leading cloud-based platform transforming audit, risk, and compliance management, today revealed at its annual Audit & Beyond Conference — a hybrid in-person and online event being held in Los Angeles, California through October 21st — that the company’s trajectory of rapid growth has continued in 2021, driven by innovation and strong customer satisfaction.
AuditBoard’s user-centric approach has led to a consistent 98% customer retention rate, and its connected audit, risk, and compliance platform is top-rated by customers on Gartner Peer Insights. This positive customer sentiment has led to the company being named market leader in the G2 Grid Report for Audit Management Software for 8 consecutive quarters. In addition, over 1,200 organizations now leverage the power of AuditBoard’s platform to elevate their risk teams, including 6 of the Fortune 10 and now more than 30% of the Fortune 500.
Customer satisfaction with AuditBoard’s platform has accelerated top-line growth, with annual recurring revenue on the brink of $100 million and growing at a rate exceeding 60% year over year. This rapid revenue growth has secured AuditBoard a spot among the top 100 fastest-growing technology companies in North America for two consecutive years, according to Deloitte. Taking a different path in this time of giant capital raises, AuditBoard generates net positive cash flow in the midst of dramatic growth and has not sought new funding since a 2018 round led by Battery Ventures.
Customers are drawn to AuditBoard by the ability to streamline and automate processes, enable collaboration across distributed teams, drive efficiencies, scale programs, engage the front lines, and surface insights for audit, risk, and compliance teams who are striving to transform the way their organizations work in today’s dynamic risk environment.
"We're an organization that's growing very quickly, adding new frameworks, and expanding globally. We've been able to support that growth with our existing staff because we have AuditBoard," said Michael Geiger-Wolf, Director of Risk and Compliance at Ceridian.
"Prior to using AuditBoard, our business partners had very limited transparency into the SOX program," said Scott Cronin, Global Head of SOX Compliance and Controls, The Bank of New York Mellon. "Now control owners can see all their controls in one place and our business partners not only have visibility — they are engaged, empowered, and have true ownership of their control environment."
"Implementing AuditBoard has super-charged our transformation journey," said Elizabeth Folsom, Chief Audit Executive, Population Services International.
"We’ll never relent in our drive to build innovative solutions that directly address the practical challenges our customers face," said AuditBoard President and CEO Scott Arnold. "We’re thrilled and humbled that our customer-focused innovation continues to resonate with both new and existing customers."
That customer-centric philosophy will be on display this week at Audit & Beyond 2021, where the company is announcing a number of new and upcoming capabilities to support emerging customer needs.
Among the expanded platform innovations to be revealed during the opening keynote are powerful new capabilities to empower customers toward a more connected risk model for their organizations:
Connected Risk Dashboard provides a strategic and holistic perspective of enterprise risk, elevating audit, risk, and compliance leaders to better collaborate and engage at the board and C-suite level.
Smart Audit Planning empowers audit teams to leverage real-time risk data such as KRIs to focus on strategic risk and move toward a more data-driven, strategic audit plan.
Automated Compliance Gap Assessment enables organizations looking to expand into new or regulated markets to quickly evaluate and adopt new compliance frameworks like SOC 2, ISO 27001, PCI-DSS, HIPAA, and more.
Automated Evidence Collection saves time and fosters improved partnerships between audit and compliance professionals and the front lines of their business through collaborative workflow and automation.
Continuous Monitoring provides real-time visibility into potential information security, risk, and compliance issues through integrations with critical enterprise systems, ranging from cloud providers to ERP systems, to help teams surface risks more quickly.
Automation Platform empowers audit teams to operate at digital speed with easier implementation of data ingestion, testing automation, and audit analytics by integrating with best-in-class analytics and RPA solutions, as well as solving for audit-specific challenges including version control and analytics integrity.
General availability of these new capabilities ranges from now to early 2022.
Advancing the audit, risk, and compliance professions is a core tenet of AuditBoard’s mission — through technology, thought leadership, and giving back. AuditBoard’s extensive thought leadership efforts include the recently launched Agents of Change video series led by Richard Chambers, former CEO of The IIA, featuring C-level executives from Spotify, Google, Uber, and more; AuditTalk, a video series that spotlights modern practices of audit leaders; insightful market research-based reports in partnership with the Internal Audit Foundation and Big 4 Consultancies that uncover critical trends facing risk professionals today; and ongoing educational webinar and blog topics that have attracted more than 500,000 viewers over the past 12 months.
In Q4 2020, AuditBoard launched the first-of-its-kind Elevate Scholarship Program in partnership with The Institute of Internal Auditors. Over the past 12 months, more than 200 scholarships at a value of more than $150,000 have been awarded to audit professionals.
AuditBoard transforms how audit, risk, and compliance professionals manage today’s dynamic risk landscape with a modern, connected platform that engages the front lines, surfaces the risks that matter, and drives better strategic decision-making. More than 30% of the Fortune 500 leverage AuditBoard to move their businesses forward with greater clarity and agility. AuditBoard is top-rated by customers on G2 and Gartner Peer Insights, and was recently ranked as one of the 100 fastest-growing technology companies in North America by Deloitte. To learn more, visit AuditBoard.com.
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Morgan Mason - BOCA Communications for AuditBoard