Caseware acquires Australian AI startup Extractly.ai

Caseware has announced the acquisition of Extractly.ai, an Australian-based AI startup known for its intelligent document processing solutions.

The acquisition marks Caseware's ninth since Hg Capital obtained majority ownership in late 2020, continuing the company's expansion in the audit and financial technology sectors. This follows the company's recent leadership change with the appointment of David Marquis as CEO.

Extractly.ai was founded in 2021 and provides intelligent document processing solutions tailored to streamline auditing processes for finance and accounting teams. Its software focuses on understanding and processing financial documents, enhancing automation, and providing actionable insights while enabling efficient workflows.

The acquisition includes Extractly.ai's proprietary solutions, Validate and Extractly+, which are available in English-speaking markets. Validate employs AI-powered algorithms to simplify the financial statement review process, ensuring mathematical accuracy and consistency across financial documents. Extractly+ enhances workflows by automating PDF data extraction and document matching, thereby eliminating manual data entry.

Danielle Supkis Cheek, Senior Vice President AI, Analytics and Assurance at Caseware, stated, "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," Supkis said.

In support of the acquisition, Damian Wright, National Leader, Audit & Assurance at BDO, remarked, "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."

He further commented, "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, expressed enthusiasm for the acquisition, saying, "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."

Caseware's commitment to enhancing its AI capabilities is evident in this acquisition, which aims to further improve automation and efficiency for its customers globally. The company continues to explore opportunities to strengthen its market position and deliver high-value services.