Audit, risk, and compliance software provider AuditBoard said Wednesday it has reached an agreement to acquire FairNow, an all-in-one artificial intelligence governance platform that simplifies and centralizes AI risk management at scale.
Financial terms of the deal weren’t disclosed.
AuditBoard says the acquisition is intended to significantly expand its platform, creating a unified, AI-first solution for managing all enterprise risk.
The deal was announced on the same day that AuditBoard released Accelerate, a new AI solution for governance, risk, and compliance teams.
“The integration of FairNow’s dedicated AI governance solution aligns with the strong foundation of AuditBoard’s natural-language workflows, continuous auditing and monitoring, document intelligence, and agentic AI, creating a truly end-to-end AI-powered platform for managing risk,” the Cerritos, CA-based company said in a media release. “All of which builds on AuditBoard’s existing commitment to both AI innovation—and safety—following the announcement of its first AI governance solution earlier this year.”
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FairNow’s platform enables organizations to simplify their end-to-end AI governance with a streamlined AI registry, dynamic risk assessments, and intelligent automated compliance. This unified offering directly addresses the execution gap in AI governance, AuditBoard says.
“The speed of AI adoption has made robust, connected AI governance a mission-critical function for enterprises across every industry,” AuditBoard CEO Raul Villar Jr. said in a statement. “Integrating FairNow into AuditBoard’s Connected Risk Platform delivers the most comprehensive and modern solution on the market, directly addressing the enormous risks that come alongside this technology. Combined with the launch of Accelerate, this acquisition will set AuditBoard apart by leapfrogging nascent competitive offerings and empowering our customers to transform their risk and compliance programs.”
Guru Sethupathy, CEO and founder of FairNow, added, “FairNow believes that governance will be the key enabler in the age of AI—managing risks while building trust and driving adoption. Our mission to simplify AI governance will be accelerated with AuditBoard, the clear leader in AI-powered connected risk. Joining AuditBoard is the logical next step in our journey to scale our impact. We look forward to working with the AuditBoard team to solidify the platform’s position as the global go-to solution for modern risk management—intelligent, automated, and connected.”
Morrison & Foerster LLP served as AuditBoard’s legal advisor.
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