Extractly: IDP Software Vendor
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Extractly was an 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 built three audit-focused document processing products with just 2 employees - a lean operation that attracted acquisition rather than scaled independently. Its focus on financial statement validation and PDF data extraction drove enterprise adoption: BDO Australia deployed the platform for three years and expanded it beyond audit teams into other firm divisions.
On January 21, 2025, Caseware acquired Extractly as its ninth acquisition since Hg Capital took majority ownership in 2020 - folding Extractly+, Validate, and Statemently into a platform serving 500,000+ users across 130 countries. Raphael and the entire Australia-based team joined Caseware. The deal closed weeks after David Marquis joined as Caseware's new CEO, arriving from a five-year tenure at Intuit - a SaaS-native operator inheriting an acquisition-led growth engine.
The acquisition fits a visible pattern in the IDP market: narrow-niche vendors built for vertical workflows becoming targets as larger audit platforms race to embed document intelligence natively. For accounting firms currently using Extractly+ or Validate as standalone products, the key open question - which no source yet answers - is whether Caseware maintains them as accessible standalone offerings or gates them behind broader platform contracts.
How Extractly Processes Documents
- Validate: Cloud-based AI tool automating financial statement review with algorithms for mathematical accuracy, internal consistency, prior-period consistency, and cross-version consistency - specialized for audit workflows rather than general IDP
- Extractly+: Automated PDF-to-Excel data extraction with document matching, collaborative team access, and click-to-source navigation - reduces manual data entry across linked financial documents
- Statemently: AI-powered PDF bank statement data extraction tool, the third product absorbed into Caseware's platform
- Document Types: Handles digital PDFs, scanned documents, and handwritten notes
- AutoSum Verification: Automatic data verification with role-based permissions for collaborative workflows
- Language Support: English, French, Spanish, Portuguese, Italian, and German - though Validate is currently available in English-speaking markets only, with non-English localization deferred to an unspecified date
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. Damian Wright, National Leader, Audit & Assurance at BDO, noted the platform "revolutionized the way BDO approaches financial statement reviews" - and that adoption spread beyond the initial audit team into other firm divisions, a pattern that signals cross-departmental utility beyond the core audit workflow.
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. Statemently extends this capability specifically to bank statement data, covering a document type that sits outside the scope of standard financial statement review.
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 - and was a primary driver of BDO's multi-year adoption before the Caseware acquisition.
Technical Specifications
| Feature | Specification |
|---|---|
| Core Products | Validate (statement validation), Extractly+ (PDF extraction), Statemently (bank statement extraction) |
| AI Algorithms | Mathematical accuracy, internal consistency, prior-period consistency, cross-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; non-English localization deferred (no timeline disclosed) |
| Target Users | Audit professionals, accounting firms, corporate finance teams |
| Pricing | Unchanged - no changes disclosed post-acquisition |
| Integration Roadmap | Not disclosed |
Resources
- Caseware Acquisition Announcement
- Globe Newswire Press Release
- Fintech Futures: Three Products Absorbed
- Finance Director Europe: Localization Status
- Accounting Times AU: Market Context
- PitchBook Company Profile
Company Information
Headquarters: North Wollongong, Australia
Founded: 2021
Employees at acquisition: 2
Founder/CEO: Alastair Raphael (joined Caseware post-acquisition)
Acquisition: Acquired by Caseware (Canada) on January 21, 2025 - Caseware's ninth acquisition since 2020
Notable Client: BDO Australia (3-year deployment across audit and other firm divisions)
Status: Now part of Caseware's global platform serving 500,000+ users across 130 countries; product integration timeline not disclosed