Caseware buys AI document management startup Extractly

Accounting and auditing analytics software company Caseware announced that it has bought Extractly.ai, an Australian-based AI startup that offers intelligent document processing solutions already in use by major accounting firms such as BDO, Grant Thornton and PKFOD. 

Extractly offers the ability to automatically extract and integrate data from digital or scanned documents, including handwritten notes, into one’s work papers and documents. It also features smart data linking, which eliminates the need for manual searching and data extraction; support for text in English, French, Spanish, Portuguese, Italian and German; the ability to click any cell in an Excel work paper to instantly navigate to the exact location in the linked document where the data originated; the ability to redact sensitive information, highlight relevant links and flexibly restructure data; an  AutoSum feature to automatically verify data within documents; analytics and metrics tracking; and varied permissions tailored to different roles within a team. 

“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,” said Danielle Supkis Cheek, Caseware’s senior vice president of AI, analytics and assurance. 

This strategic acquisition includes Extractly.ai’s proprietary software solutions, Validate and Extractly+ which are available in all English-speaking markets. Validate uses AI algorithms automatically confirm the accuracy and consistency of financial statements. Meanwhile,  Extractly+ optimizes workflows with automated PDF data extraction and document matching, eliminating manual searching and data entry. Plans to localize Validate are due to be announced in the future.   

“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,” said Alastair Raphael, former chief executive officer at Extractly.ai. 

This marks Caseware’s ninth acquisition since Hg Capital acquired majority ownership in late 2020. Most recently, the company announced its acquisition of Atlanta-based SaaS provider LeaseJava. The news comes just one week after Caseware announced its new CEO, Intuit veteran David Marquis.