Caseware, a global leader in cloud-enabled audit, financial reporting and data analytics solutions, today announced the acquisition of Extractly.ai, the provider of intelligent document processing solutions that streamline the audit process for accounting and finance teams.
Founded in 2021, Extractly.ai offers solutions that understand and process accounting and financial documents, delivering actionable results and enabling automated workflows.
This strategic acquisition includes Extractly.ai’s proprietary software solutions, Validate and Extractly+ which are available in all English-speaking markets. Plans to localize Validate are due to be announced in the future.
Validate’s AI-powered algorithms automate the financial statement review process. The cloud-based solution enables accounting professionals in audit and in corporate financial reporting to automate the tedious task of validating the accuracy of their financial statement reports for mathematical accuracy, internal consistency, prior period consistency and consistency across versions.
Extractly+ optimizes workflows with automated PDF data extraction and document matching, eliminating manual searching and data entry. It delivers reliable data, allowing team members to gain maximum insight via trusted extracted data, resulting in higher-quality outputs completed in less time. Collaborative data access promotes teamwork and informed decision-making by facilitating easy sharing of extracted data among team members, enhancing productivity.
Danielle Supkis Cheek, SVP AI, Analytics and Assurance at Caseware remarked, "Extractly.ai is known for its fast, accurate and secure solutions, capable of processing large volumes of documents with ease. Its advanced technology helps accounting and finance professionals increase efficiency and save valuable time by automating tedious tasks. As Caseware continues to build its connected ecosystem of solutions, customers can expect enhanced integration, seamless user experiences and innovative features that will drive their success. We’re delighted to welcome Alastair and the entire Australia-based team to Caseware.”
Damian Wright, National Leader, Audit & Assurance at BDO commented, “Over the past three years, Extractly.ai has revolutionized the way BDO approaches financial statement reviews, seamlessly integrated into our workflows and delivered unparalleled efficiency and accuracy. What started as an innovative solution for our audit teams has expanded into other divisions of the firm. Extractly.ai's tools, like Validate, have transformed time-intensive tasks, allowing us to reinvest valuable resources into delivering deeper insights and exceptional outcomes for our clients.”
Wright continued, “As Extractly.ai takes its next step with Caseware, a recognized leader in audit technology, we are confident this marks the beginning of an extraordinary chapter. BDO is proud to have been part of Extractly.ai’s journey and is excited for the future innovation this partnership will unlock for firms worldwide.”
Alastair Raphael, former chief executive officer at Extractly.ai commented, “This acquisition opens a world of possibilities for audit professionals, as we combine our strengths with Caseware's innovative solutions, global reach and industry expertise. Together, we will deliver even more advanced and comprehensive solutions, driving greater value and enhancing the overall customer experience. What our team has accomplished to date has been truly impressive and we are all excited about our next chapter with Caseware."
This marks Caseware’s ninth acquisition since Hg Capital acquired majority ownership in late 2020. Caseware is committed to delivering exceptional service and value to its customers and will continue to explore global opportunities to strengthen its position in the market.