Caseware Expands Capabilities with Acquisition of Extractly.ai

On January 21, 2025, Caseware announced its latest acquisition of Extractly.ai, enhancing its offerings in automation and artificial intelligence aimed at improving customer productivity. Caseware is recognized as a global leader in cloud-enabled solutions including audit, financial reporting, and data analytics.

Extractly.ai, established in 2021, specializes in intelligent document processing, designed to simplify the audit processes for accounting and finance teams. Their innovative solutions allow users to understand and manage accounting and financial documents effectively, which leads to actionable insights and improved efficiency.

Significance of the Acquisition

This acquisition is expected to significantly boost Caseware’s automation capabilities. Extractly.ai brings with it proprietary solutions such as Validate and Extractly+, which are currently available in all English-speaking markets, with plans to expand localization in the future.

"Validate" features AI algorithms that automate the meticulous financial statement review process. This cloud-based tool aids accounting professionals in auditing and corporate financial reporting, automating the validation for mathematical accuracy, internal consistency, and more.

Enhancing Workflow Efficiency

On the other hand, "Extractly+" enhances workflow efficiency through features like automated PDF data extraction and document matching. This means users can bypass the tedious manual tasks of searching and data entry, resulting in quicker, more reliable outputs. The technology also supports collaborative access to data, improving teamwork and informed decision-making across teams.

Danielle Supkis Cheek, who serves as the Senior Vice President of AI, Analytics, and Assurance at Caseware, emphasized the benefits of Extractly.ai’s solutions, noting their ability to handle large document volumes quickly and securely. This merger aligns with Caseware's vision of building a connected ecosystem that offers seamless integration and innovative features for its customers.

Future Prospects and Customer Benefits

Industry leaders have recognized the impact of Extractly.ai's tools in transforming workflows within organizations. Damian Wright, National Leader of Audit & Assurance at BDO, noted how Extractly.ai has transformed the firm’s approach to financial statement reviews, integrating smoothly into existing workflows and enhancing overall efficiency.

As Extractly.ai transitions into Caseware’s ecosystem, it is anticipated that the collaboration will lead to new innovations and improvements in service delivery for accounting firms globally. Alastair Raphael, the former CEO of Extractly.ai, expressed excitement about joining forces with Caseware to develop enhanced solutions that will drive more value for their customers.

This acquisition marks the ninth strategic enhancement for Caseware since Hg Capital took a majority stake in late 2020, with plans to continuously seek out global opportunities to increase its market presence.

About Caseware

Caseware is recognized as a leading global provider of cloud-enabled solutions for auditing, assurance, financial reporting, and data analytics. They serve accounting firms, corporations, and government regulators, facilitating smarter work processes and deeper insights across 130 countries. For more information, visit caseware.com.

acquisition, automation, technology