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Workiva announced the acquisition of AuditNet, a provider of global audit content and services, aimed at enhancing transparency and efficiency in internal auditing. AuditNet's platform, which supports over 160,000 audit practitioners, will integrate its resources into Workiva's offerings, furthering its commitment to digital transformation in audit processes. The acquisition aligns with Workiva's recent recognition as a leader in Governance, Risk, and Compliance (GRC) platforms. Terms of the agreement remain undisclosed.
Positive
Acquisition enhances Workiva's audit service offerings.
Integration of AuditNet's resources expected to improve efficiency for 4,100+ global clients.
AuditNet's extensive content library will enhance internal audit processes.
Negative
Terms of the acquisition were not disclosed, raising questions about financial implications.
Acquisition Empowers Internal Auditors with More Technology and Resources to Increase Transparency, Reduce Risk and Create Efficiencies
AuditNet created the world’s first online portal for the global audit community and serves as a primary communications resource with a digital network where 160,000+ audit practitioners access and share content, resources, and audit program tools and templates. AuditNet’s content guides internal auditors through changing regulations, emerging risks, different approaches to testing, and new risk and control frameworks.
“Digital communities like AuditNet, where thought leaders and practitioners can connect and collaborate, share best practices, and build and scale programs, are essential for businesses looking to accelerate digital transformation," said Marty Vanderploeg, Workiva CEO. “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.”
Workiva entered into a strategic partnership with AuditNet in March 2020 to offer customers access to AuditNet's robust content catalog to help them create and update internal audit programs with transparency and accountability inside the Workiva platform.
“This acquisition will ensure that AuditNet’s expertise is accessible and relevant to even more global audit teams,” said Jim Kaplan, AuditNet founder and CEO. “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. I have full confidence that AuditNet and our faithful subscribers will be in good hands with Workiva.”
Workiva is a global leader in GRC, with solutions to simplify the market’s biggest challenges and deliver a greater return on investment. The Workiva cloud platform supports teams across Audit, SOX Compliance, Risk Management, Policies and Procedures, and IT Risk. Workiva is trusted by 4,100+ companies across 180+ countries to simplify their most complex business reporting, paving the way for organizations to stay agile in the face of risk in a fast-changing world.
AuditNet’s current comprehensive digital catalog of robust user content and templates will continue to be available to subscribers. Beginning in 2022, Workiva will integrate AuditNet’s digital assets into the Company’s own digital assets, including placing premium content in the new Workiva Marketplace.
About Workiva Workiva Inc. (NYSE: WK) simplifies complex work for thousands of organizations worldwide. Customers trust Workiva’s open, intelligent and intuitive platform to connect data, documents and teams. The results: improved efficiency, greater transparency and less risk. Learn more at workiva.com.
