Auditing
DataSnipper Acquires UpLink, Releases New Product DocuMine
The move expands DataSnipper's goal of building a comprehensive AI-powered audit ecosystem with global impact, the company said.
Oct. 15, 2024
Audit automation platform DataSnipper announced on Oct. 15 the acquisition of AI-native UpLink, a cloud-based secure document request portal, and the launch of DocuMine, a new AI-powered document validator.
The move dramatically expands DataSnipper’s goal of building a comprehensive AI-powered audit ecosystem with global impact, the Amsterdam-based company said in a media release. It follows DataSnipper’s recent $100 million Series B funding, led by Index Ventures, which valued the company at $1 billion.
UpLink and DocuMine tackle audit complexity by transforming documents into real-time insights, DataSnipper says. Powered by large language models (LLMs) and advanced algorithms, they automate document processing and data analysis, shifting the focus from finding data to acting on it. This keeps auditors in full control while drastically reducing time spent on manual tasks and freeing teams to focus on more strategic work.
“UpLink and DocuMine together future-proof the audit value chain, from document intake to data analysis, offering time savings and deeper insights at every step—whether in the cloud-based Prepared by Client (PBC) portal or in Excel,” DataSnipper CEO Vidya Peters said in a statement. “By introducing AI earlier in the process, we give auditors time back to focus on more strategic work.”
UpLink’s AI-native portal is designed to instantly identify insights from large volumes of client documents, solving one of the most significant bottlenecks in the audit process: document collection, review, and testing. It enables auditors to search and query hundreds of documents as soon as they are provided by customers, delivering insights in real time. By frontloading the audit workflow with AI, UpLink allows auditors to move faster and shift from searching for answers to validating them, reducing manual effort and improving accuracy. The integration within the DataSnipper ecosystem creates a seamless, unified workflow, enabling audit teams to manage the entire process as documents are received in real time from clients.
“Generative AI is revolutionizing the audit industry, enabling our clients to complete engagements twice as fast while achieving significantly higher-quality results and insights. Once teams experience the power of UpLink, there’s no turning back to the old ways of working,” said UpLink CEO Alex Maher. “Being part of DataSnipper’s ecosystem allows us to push the boundaries of AI-driven efficiency even further, delivering greater value to audit and finance professionals.”
In tandem with the UpLink acquisition, DataSnipper is launching DocuMine, an advanced AI-driven product that enables auditors to mine, analyze, and verify large volumes of documents in Excel. DocuMine enables auditors to automatically validate critical data and focus on higher-value tasks like strategic decision-making. It shifts the effort from manually hunting for critical information to instant data verification, ensuring that audit evidence is quickly analyzed and confirmed with precision.