(Bloomberg) -- Hg has agreed to buy AuditBoard in a deal valuing the risk management software provider at more than $3 billion including debt.

The private equity firm announced the purchase of California-based AuditBoard in a statement on Thursday that confirmed an earlier Bloomberg News report.

AuditBoard, a cloud-based platform for audit, risk, compliance, and ESG management, surpassed $200 million in annual recurring revenue last year. The company serves more than 2,000 enterprises, including nearly 50% of the Fortune 500, according to Thursday’s statement.

This is one of the first US West Coast deals for Hg. The London-based software specialist has been expanding in North America, having opened offices in San Francisco and New York office in the last five years.

©2024 Bloomberg L.P.