Market Overview

AuditBoard Announces $40 Million Series B Investment Led by Battery Ventures

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Company's Technology--Made by Auditors, for Auditors--Helps
Enterprises Better Comply with Critical Financial Regulations, Manage
Risk

AuditBoard, a leading cloud-software platform for automating and
transforming the way enterprises handle critical risk, audit and
compliance work, announced a $40 million Series B investment led by
global investment firm Battery Ventures. As part of the transaction,
Battery General Partner Michael Brown will join AuditBoard's board of
directors.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180815005165/en/

AuditBoard co-founders Daniel Kim and Jay Lee. (Photo: Business Wire)

AuditBoard co-founders Daniel Kim and Jay Lee. (Photo: Business Wire)

AuditBoard, which was founded in 2014 by former PwC and EY auditors
Daniel Kim and Jay Lee, will use the financing to support product
development, accelerate sales and marketing and build new business
partnerships. Customers include large public companies 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 system
of record for internal audit, compliance and risk teams.

"Our company was founded 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 to manage risk,"
said Kim, AuditBoard's CEO. "Today, too many auditors are cobbling
together different tools to do this, including old-fashioned
spreadsheets, and it is hurting the quality of internal controls."

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 at large, publicly-traded companies.

AuditBoard has experienced hyper-growth since its inception. The company
serves customers across industries, ranging from private, pre-IPO
companies to Fortune 500 clients, including TripAdvisor, Lululemon, HD
Supply, Express Scripts and Spirit Airlines. Now, the company looks
forward to a new phase of growth. "We're very excited to work with
Battery, which has invested in many other financial-tech companies, to
continue AuditBoard's expansion, including launching new products and
building our partner network," said Lee, the company's President.

Added Battery's Michael Brown: "We were impressed with AuditBoard's
product and its 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 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."

In 2017, AuditBoard partnered with Donnelley Financial Solutions to
create the industry's best SEC reporting and SOX management integration.
"AuditBoard's fast growth in the industry is a testament to the demand
for improved audit technology. We're excited about our partnership and
confident that the leadership team will continue to innovate and empower
auditors and compliance officers into the future," said Craig Clay,
President of Global Capital Markets, Donnelley Financial Solutions
(NYSE:DFIN).

*For more information about Battery Ventures and a complete list of
Battery Ventures' investments, click
here.

About AuditBoard

AuditBoard is the leading cloud-based platform transforming the way
enterprises automate, collaborate and report in real-time on critical
risk, audit and compliance workflows. AuditBoard offers a full suite of
easy-to-use audit management and compliance solutions for SOX, controls
management, operational audits, ERM and workflow management.
AuditBoard's clients include industry-leading pre-IPO to Fortune 50
companies looking to streamline their accounting and audit functions.
For more information: www.auditboard.com.

About Battery Ventures

Battery strives to invest in cutting-edge, category-defining businesses
in markets including software and services, Web infrastructure, consumer
Internet, mobile and industrial technologies. Founded in 1983, the firm
backs companies at stages ranging from seed to private equity and
invests globally from offices in Boston, the San Francisco Bay Area, Tel
Aviv, New York and London. Follow the firm on Twitter @BatteryVentures,
visit our website at http://www.battery.com
and find a full list of Battery's portfolio companies here.

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