Four months after making its first acquisition, compliance management software firm Workiva said Tuesday it is buying AuditNet to add the first online portal for the global audit community to its offerings.
AuditNet enables audit practitioners to access and share content, resources, and audit program tools and templates, guiding them through regulatory changes, emerging risks, different approaches to testing, and new risk and control frameworks.
Workiva had entered into a strategic partnership with AuditNet in March 2020 to offer its customers access to AuditNet’s content catalog. Terms of its acquisition of AuditNet were not disclosed.
“Digital communities like AuditNet … are essential for businesses looking to accelerate digital transformation,” Workiva CEO Marty Vanderploeg said in a news release. “Workiva’s acquisition of AuditNet adds to our customer offering, ensuring that organizations of all sizes and maturity can turn to the Workiva platform to quickly scale their teams, strengthen risk assurance, and greatly improve efficiency in the audit process.”
The deal follows Workiva’s purchase in August of OneCloud, a technology that enterprises use to integrate and unify data from thousands of applications across on-premises or cloud infrastructure.
Workiva, which was founded in 2008, allows companies such as Google, Slack, and Delta Air Lines “to connect disparate data from across their documents, spreadsheets, and presentations to serve automated and contextual reports to managers, shareholders, regulators, or anyone else concerned with a company’s compliance and governance.”
Starting in 2022, Workiva will integrate AuditNet’s digital assets into its own technology, including placing premium content in the new Workiva Marketplace.
“This acquisition will ensure that AuditNet’s expertise is accessible and relevant to even more global audit teams,” AuditNet CEO Jim Kaplan said. “I believe in Workiva’s mission to power transparent reporting for a better world and have seen how their technology streamlines processes to increase the efficiency and effectiveness of audit teams.”