Cloud-enabled audit and accounting solutions provider Caseware said Tuesday it has acquired Australia-based Extractly.ai, a provider of document processing solutions that streamline the audit process for accounting and finance teams.
Financial terms of the deal weren’t disclosed. This is Caseware’s ninth acquisition since Hg Capital acquired majority ownership of the Toronto-based company in late 2020. Earlier this month, Caseware said it had purchased software-as-a-service solution provider LeaseJava.
Founded in 2021 and led by CEO Alastair Raphael, Extractly.ai offers solutions that understand and process accounting and financial documents, delivering actionable results and enabling automated workflows, according to a media release announcing the deal.
This strategic acquisition includes Extractly.ai’s proprietary software solutions, Validate and Extractly+, which are available in all English-speaking markets.
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 time-consuming 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, Caseware said. Collaborative data access promotes teamwork and informed decision-making by facilitating easy sharing of extracted data among team members, enhancing productivity.
“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,” Danielle Supkis Cheek, senior vice president of AI, analytics and assurance at Caseware, said in a statement. “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.”
Raphael said the 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,” he added. “What our team has accomplished to date has been truly impressive and we are all excited about our next chapter with Caseware.”
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