Caseware, a cloud-enabled audit, financial reporting, and data analytics solutions provider, has acquired Extractly.ai, a provider of intelligent document processing technology.
The financial terms of the deal were not disclosed.
Established in 2021, Extractly.ai specialises in processing and interpreting accounting and financial documents to deliver actionable insights and automate workflows.
The acquisition includes Extractly.ai’s flagship solutions, Validate and Extractly+, which are currently available in all English-speaking markets.
Caseware expects to announce the plans to localise Validate for additional markets at a later date.
Validate, an artificial intelligence (AI)-driven cloud-based tool, automates the financial statement review process.
It assists accounting professionals in verifying mathematical accuracy, internal consistency, prior period alignment, and version consistency in financial statements.
Extractly+ focuses on automating PDF data extraction and document matching, reducing the need for manual data entry and enabling collaborative data access to optimise workflows.
Extractly.ai former CEO Alastair Raphael said: “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.”
Through the acquisition, Caseware aims to further advance its automation and AI capabilities to enhance customer productivity.
The acquisition of Extractly.ai marks Caseware’s ninth since Hg Capital acquired a majority stake in the company in late 2020.
The move aligns with Caseware’s strategy to enhance its portfolio of solutions and expand its market presence globally, said the company.
Caseware is said to serve over half a million users across 130 countries, offering innovative tools and platforms for accounting firms, corporations, and government regulators.
Caseware AI, analytics and assurance senior vice president Danielle Supkis Cheek said: “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.”
