May 23 (Reuters) - Private equity group Hg has agreed to acquire AuditBoard in a deal valued at more than $3 billion, the auditing and risk management software provider said on Thursday.

London-listed HgCapital Trust, which is managed by Hg, said it would invest about 87.2 million pounds ($110.7 million) in AuditBoard through its Hg Saturn 3 fund along with other institutional investors.

The investment will reduce HgT's commitments to invest in Hg's transactions to about 739 million pounds, HgT said.

Founded in 2014 and privately held, California-based AuditBoard counts Bank of New York Mellon, Uber, Lennar and Estee Lauder among its more than 2,000 customers for its cloud-based services.

The deal was first reported by Bloomberg News. ($1 = 0.7878 pounds) (Reporting by Unnamalai L and Dhanush Vignesh Babu in Bengaluru; Editing by Arun Koyyur)