Company continues rapid ARR growth of 60%+ while generating positive cash flow and gaining strong momentum with IT Risk and Compliance leaders.
LOS ANGELES, CA - 7 March, 2023 – AuditBoard, the leading cloud-based platform transforming how businesses manage risk, today announced the company has surpassed $150 million in annual recurring revenue (ARR) as accelerating demand for its award-winning solutions continues to drive explosive growth. AuditBoard now serves more than 1,750 leading enterprises and 40% of the Fortune 500. The company grew ARR over 60% again in 2022 while generating positive cash flow — scaling the durable growth model set in place by its founders.
This latest revenue milestone comes less than one year after AuditBoard announced it reached the $100 million ARR mark, and continues to build on the company’s legacy of highly capital-efficient growth in the Integrated Risk Management (IRM) segment of the $188 billion information security and risk management market. The growth also illuminates the differentiated approach AuditBoard has taken to connect teams across audit, risk, and IT compliance, offering each industry-leading solutions.
These impressive results are driven by the overwhelmingly positive customer response to AuditBoard’s modern connected risk platform, as demonstrated by class-leading customer ratings on G2.com: The company has been named a Leader in the GRC and Audit Management categories for 12 and 13 consecutive quarters, respectively. AuditBoard was also recently recognized as a Leader in Security Compliance Software by G2 and won the 2022 Fortress Cyber Security Award, reflecting the growing base of IT professionals benefiting from the company’s solutions.
“We’re grateful that our customers and their teams continue to embrace our purpose-built solutions as we help them navigate today’s complex risk landscape and elevate their work,” said AuditBoard President and CEO Scott Arnold. “We are committed to providing market-defining, easy-to-use, powerful solutions to support a growing number of teams across organizations.”
Today, the world is fraught with unpredictable and unprecedented business risk, including geopolitical risk, cyber risk, supply chain risk, economic risk, and compliance risk. Many companies struggle with the burden of effectively managing the volume and velocity of risk they face. AuditBoard’s mission of delivering integrated solutions that empower audit, risk, and compliance teams to stay in front of emerging risks led the company to expand its platform beyond audit, risk, and IT compliance management in 2022, launching AuditBoard TPRM and AuditBoard ESG. In recent months, AuditBoard also announced new and expanded partnerships with some of the world’s leading consulting firms, including Deloitte, and EY. 2022 was also the fourth year in a row that the company was recognized as one of the fastest-growing technology companies in North America on the 2022 Deloitte Fast 500.
AuditBoard is responding to rising demand for its technology with a growing workforce and exceptional workplace. The company now has more than 600 employees while maintaining a standout company culture that has been certified as a Great Place to Work and recognized as one of Fortune Magazine’s Best Workplaces for Millennials. Bucking the recent technology industry trend, AuditBoard continues to add new positions to support continued growth and today has openings available across all functions of the organization. For more information, go to AuditBoard.com/careers.