Caseware Acquires Extractly.ai to Enhance Audit Solutions
Deal News | Jan 21, 2025 | Globenewswire
Caseware, a global leader in audit, financial reporting, and data analytics solutions, announced its acquisition of Extractly.ai, a company specializing in intelligent document processing. Extractly.ai, founded in 2021, offers AI-powered solutions that enhance the audit process by automating workflows and providing actionable insights from accounting and financial documents. The acquisition includes Extractly.ai's proprietary software, Validate and Extractly+, which automate financial document verification and PDF data extraction respectively. The deal is part of Caseware's strategy to expand its connected ecosystem of solutions, promising enhanced user integration and innovative features. Danielle Supkis Cheek, SVP at Caseware, highlighted the acquisition’s potential to contribute to efficiency and integration within Caseware’s offerings. BDO's Damian Wright and Extractly.ai's former CEO Alastair Raphael expressed their excitement about the transformative potential of this acquisition. This marks Caseware’s ninth acquisition since being acquired by Hg Capital in 2020.
Sectors
- Financial Technology
- Software and IT Services
Geography
- Canada – Caseware is a Canadian company headquartered in Toronto, influencing its operations and strategic acquisitions.
- Australia – Extractly.ai is based in Australia, highlighting the cross-border dimension of the acquisition with implications for market expansion.
Industry
- Financial Technology – The acquisition involves companies specializing in cloud-enabled audit, financial reporting, and data analytics, focusing on enhancing automation and efficiency in financial operations.
- Software and IT Services – Caseware and Extractly.ai provide software solutions for audit and data management, involving advanced IT services and cloud-based platforms for finance professionals.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Caseware | Acquirer | Company | A global leader providing cloud-enabled audit, assurance, financial reporting, and data analytics solutions. |
| Extractly.ai | Target | Company | Provider of intelligent document processing solutions that streamline the audit process for accounting and finance teams. |
| Hg Capital | Investor | Company | A private equity firm that acquired majority ownership of Caseware in late 2020. |
| BDO | Client | Company | A professional services firm that utilized Extractly.ai's technology to enhance its audit workflows. |
| Danielle Supkis Cheek | Senior Vice President, AI, Analytics and Assurance | People | Senior executive at Caseware involved in strategic planning and integration of acquired technologies. |
| Damian Wright | National Leader, Audit & Assurance | People | A leader at BDO, emphasizing the benefit of Extractly.ai's solutions for financial statement reviews. |
| Alastair Raphael | Former CEO | People | Former CEO of Extractly.ai, commenting on the potential for enhanced market solutions post-acquisition. |