Auditboard Financial Model
Enterprise/Security Startup Financials (Free Excel Download)
Cloud-based integrated risk management platform connecting audit, risk, compliance, and ESG teams across the enterprise.
professionals from Deloitte
Used by professionals from
About this model
AuditBoard provides a cloud platform for connected risk management, bringing internal audit, risk, compliance, and ESG teams onto a shared workflow. Its modules replace fragmented processes with a more consistent view of controls, issues, and enterprise risk.
The company sells into large organisations with an initial department or module and expands across the GRC suite. Its materials emphasise strong gross retention above 95% and a land-and-expand model in which cross-sell is as important as winning new enterprise accounts.
The model builds ARR by customer cohort and module, separating new-logo bookings from adoption of additional products. Gross retention, net expansion, ACV, sales capacity, implementation costs, and SaaS gross margin flow through to the operating forecast and cash needs.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Auditboard
auditboard.com
How to build a detailed financial model for Auditboard
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Auditboard model - distilled from its pitch deck and publicly available information.
Product & value proposition
AuditBoard is a "Modern Connected Risk Platform" that unifies five historically siloed functions - Audit, Risk Management, IT Risk & Compliance, Finance (SOX), and Sustainability/ESG - onto a single cloud-native platform with a shared data core (Risks, Controls, Issues, Policies, Frameworks).
Key product modules:
- Audit: Audit Program Management, Financial Controls Management (SOX)
- Risk Management: Enterprise Risk Management (ERM), Operational Risk Management
- IT Risk & Compliance: IT Risk Management, IT Framework Management, Third-Party Risk Management (TPRM)
- ESG: ESG Program Management, ESG Controls Management
Shared platform capabilities: AI/ML, analytics, workflow automation, dashboards & reporting, enterprise integrations/APIs.
Differentiation vs. legacy GRC / homegrown tools:
- Purpose-built for cloud; unified data core vs. product point solutions
- Practitioner-centric UX (50% of customer-facing employees are former practitioners)
- GenAI features: issue/control drafting, intelligent framework recommendations
Market
- Global TAM: $20 Billion - AuditBoard's own 2023 estimate
- Est. current annual spend (SAM proxy): $7–13 Billion - based on 2022 Gartner IRM Global Spending Forecast and 2021 IDC estimates
- Growth drivers cited: accelerating risk context (AI, ESG, inflation, geopolitical, supply chain, cyber), increasing regulatory/compliance demands, expanding financial impact of noncompliance
Revenue model
- Model: B2B SaaS subscription (ARR basis implied by all ARR references and retention metrics)
- Pricing structure: Not detailed in deck. "Higher tiers" referenced as an upsell lever, implying tiered/modular pricing by product or seat/usage.
- Sales channels: Direct enterprise sales (inferred from Fortune 500 customer profile); GTM partners and alliances cited as future growth lever
- Units: Customers (count not given); revenue unit = ARR per customer
- Cross-sell / upsell mechanics: Cross-sell additional modules (e.g., ERM → TPRM → ESG) to existing customers
- No pricing page data, ACV ranges, or contract lengths disclosed
Traction & metrics
All figures from slide 2 (at-a-glance) confirmed in image:
| Metric | Value | Source |
|---|---|---|
| Ending ARR | $200MM+ | - |
| YoY ARR Growth | 40% | - |
| Gross Revenue Retention | 95%+ | - |
| FCF | Positive (FCF+) | - |
| Fortune 500 penetration | ~50% | - |
| Fortune 10 penetration | 6 of 10 | - |
| Target ARR (long-term) | $1B ARR (aspirational path) | - |
Unit economics
- FCF margin: Positive but no % given
- Only input available: Gross retention 95%+ - implies very low gross churn (~5% or less annually)
Competition / moat
Competitive landscape:
- Homegrown solutions & productivity tools (spreadsheets - "50% manage controls on spreadsheets")
- Legacy GRC / point solutions (e.g., RSA Archer, ServiceNow GRC, IBM OpenPages implied by G2 grid positioning)
Moat factors cited:
- #1 rated vendor on G2 in ERM (formerly GRC) and Audit Management, Winter 2024
- G2 Top 100 All B2B Software Products 2024
- ~50% Fortune 500 penetration creates reference-selling and switching-cost advantages
- Network effect within customer orgs: once multiple risk teams are on platform, displacing it requires replacing audit + risk + IT + ESG simultaneously
- 50% of customer-facing employees are former practitioners - domain depth as hiring moat
Team & funding ask / use of funds
Team:
- Scott Arnold - President & CEO (ex-McKinsey, MarketTools, Shutterfly, Borland)
- Josh Harding - CFO (ex-SailPoint, Austin Ventures, Citi)
- Tom Schmit - CRO (ex-Cisco, AppDynamics, BMC)
- Haibei Wang - CDO (ex-Everbridge, PayPal, ServiceNow)
- Evan Fitzpatrick - CPO (ex-Bain Capital, BCG)
- Kevin Jhangiani - CTO (ex-CommercePack)
- John Reese - CMO (ex-Mavenlink, HireRight, Velocify)
- Chris Doell - CCO (ex-Cisco, OpenDNS, Zenprise)
Investors: Battery, Dragoneer Investment Group, Tiger Global
Recommended financial model
- Archetype + why: SaaS ARR model with module-level revenue build. AuditBoard is a classic land-and-expand enterprise SaaS company: ARR is the primary value metric, gross retention is high (95%+), and growth comes from both new logos and cross-sell of additional modules. The model should be built bottom-up on ARR cohorts with NRR expansion layered in.
- Forecast horizon & granularity: 5-year annual (Year 1–5), with Year 1 split monthly for cash flow visibility. Base year anchored at $200MM+ ARR growing at 40% YoY.
- Key drivers & assumptions:
| Driver | Value / Assumption |
|---|---|
| Starting ARR | $200MM |
| YoY ARR growth - near-term | 40% |
| YoY ARR growth - medium-term (Y3–Y5) | 25–30% decay as base grows |
| Gross revenue retention | 95% |
| Net revenue retention (NRR) | 110–120% |
| New logo growth rate | back-solve from ARR growth minus expansion |
| Average ACV | enterprise GRC: ~$150–250K; mid-market: ~$50–100K; blend TBD |
| Gross margin | 70–75% |
| S&M as % of revenue | 35–45% |
| R&D as % of revenue | 15–20% |
| G&A as % of revenue | 8–12% |
| FCF margin | Low-positive (FCF+ stated) |
| TAM penetration ceiling | $20B TAM; $1B ARR target = 5% TAM share |
| International revenue mix | Currently small; expansion is a stated future lever |
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: 40% → 30% → 25% ARR CAGR; NRR 115%; gross retention 95%
- Bull: ARR growth sustains 35–40% into Y3 via international + new product velocity; NRR 120%
- Bear: Growth decelerates to 20–25% by Y3 (macro headwinds, competitive pressure from ServiceNow/Workiva); NRR drops to 108%; gross retention 93%
- Required sheets / outputs:
- Assumptions - all drivers with / tags
- ARR Bridge - new ARR, expansion ARR, churn, ending ARR by year
- Income Statement - revenue, gross profit, OpEx (S&M, R&D, G&A), EBIT, EBITDA
- Cash Flow - operating CF, capex, FCF; FCF margin trend
- KPI Dashboard - ARR, growth rate, GRR, NRR, FCF margin, Rule of 40
- Scenario toggle - Base / Bull / Bear
Frequently asked
Is the Auditboard financial model free?+
Yes. The Auditboard model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Auditboard's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
Every model here is one I’d actually use for a client, and I personally vet each one before it goes up.
I’m not an expert in every industry, but I’ve built enough models to know what belongs in one. And when something is completely foreign to me, I reach out to my network for experts to work on our models with us.
Having a template library on hand cuts a first build from hours to minutes.
Need help finding your model? You’ll find me in the Finamodel app!
Other Enterprise/Security Startup Financial Models
Browse another startup in the same category.
AgBiome
AgBiome is a microbial-platform agtech company that discovers, develops, and commercialises biological crop protection products (and licences the platform across adjacent markets).
Alation
Enterprise data intelligence platform - data catalog, governance, and metadata management for large organisations.
Archer SPAC
Archera
Cloud resource automation platform that continuously optimizes AWS commitment purchases, de-risks overcommitment, and automates FinOps workflows.
Ardoq
Cloud-native Enterprise Architecture (EA) SaaS platform that helps large enterprises navigate digital transformation through automated data collection, graph-based architecture modelling, and change impact analysis.
Ascend
Ascend.io is an enterprise big data automation platform ("Enterprise Intelligence Platform") that abstracts away the complexity of big data engineering so non-experts can build and run data pipelines.
Athennian
Cloud-based legal entity management system (EMS) uniting entity data with workflow and document automation.
BoostUp
AI-powered contextual revenue intelligence platform that automatically extracts unstructured digital sales data to replace manual CRM entry and power forecasting
