Extractly.ai
AI-powered financial document processing platform acquired by Caseware in January 2025, specializing in audit workflow automation and financial statement validation.
Overview
Founded in 2021 in North Wollongong, Australia, by CEO Alastair Raphael, Extractly.ai developed specialized AI solutions for accounting and audit workflows with just 2 employees. The company's focus on financial statement validation and PDF data extraction established strong enterprise adoption, with BDO Australia using the platform for three years across multiple firm divisions.
On January 21, 2025, Caseware acquired Extractly.ai as its ninth acquisition since 2020, integrating the Australian team and technology into Caseware's global audit software platform. Damian Wright, National Leader, Audit & Assurance at BDO, noted that "Extractly.ai has revolutionized the way BDO approaches financial statement reviews" and "expanded into other divisions of the firm" beyond the initial audit team deployment.
Key Features
- Validate: AI-powered financial statement review with algorithms for mathematical accuracy, internal consistency, prior period consistency, and cross-version consistency
- Extractly+: Automated PDF data extraction with document matching, collaborative data access, and Excel integration featuring click-to-source navigation
- Multi-language Support: Processes documents in English, French, Spanish, Portuguese, Italian, and German
- Document Processing: Handles both digital and scanned documents including handwritten notes
- AutoSum Verification: Automatic data verification with role-based permissions for collaborative workflows
Use Cases
Financial Statement Validation for Audit Firms
BDO Australia's three-year deployment demonstrates enterprise-scale financial statement review automation. Validate's algorithms verify mathematical accuracy, check consistency between related statements, compare current year figures against prior periods, and flag discrepancies across draft versions. The platform's success at BDO led to expansion beyond audit teams into other firm divisions.
PDF Financial Data Extraction with Excel Integration
Extractly+ extracts financial data from PDF statements, trial balances, and schedules into Excel with click-to-source navigation. The platform identifies tables and data structures, maps information to appropriate cells, and maintains relationships between linked documents while supporting collaborative workflows with role-based permissions.
Cross-Version Consistency Checking
The Validate engine performs specialized cross-version consistency analysis for financial statements, detecting changes between draft versions and ensuring accuracy throughout the review process. This capability addresses specific audit workflow requirements that general-purpose IDP solutions typically don't provide.
Technical Specifications
| Feature | Specification |
|---|---|
| Core Products | Validate (statement validation), Extractly+ (PDF extraction) |
| AI Algorithms | Mathematical accuracy, internal consistency, prior-period consistency, version comparison |
| Document Types | Digital PDFs, scanned documents, handwritten notes |
| Language Support | English, French, Spanish, Portuguese, Italian, German |
| Excel Integration | Click-to-source navigation, AutoSum verification, role-based permissions |
| Deployment | Cloud-based SaaS |
| Market Availability | All English-speaking markets, localization plans pending |
| Target Users | Audit professionals, accounting firms, corporate finance teams |
Resources
Company Information
Headquarters: North Wollongong, Australia
Founded: 2021
Founder/CEO: Alastair Raphael
Acquisition: Acquired by Caseware (Canada) on January 21, 2025
Notable Client: BDO Australia (3-year partnership across multiple divisions)
Status: Now part of Caseware's global platform (9th acquisition since 2020)