News provided by
Oct 15, 2024, 06:00 ET
Dutch unicorn DataSnipper accelerates the expansion of AI technology to redefine the future of audit and finance.
AMSTERDAM, Oct. 15, 2024 /PRNewswire/ — DataSnipper, the intelligent automation platform transforming audit and finance, today announces a dual milestone: the acquisition of AI-native UpLink, a cloud-based secure document request portal, and the launch of DocuMine, a new AI-powered document validator. The move dramatically expands DataSnipper’s goal to build a comprehensive AI-powered audit ecosystem with global impact. It follows DataSnipper’s recent $100 million Series B funding, led by Index Ventures, which valued the company at $1 billion.
DataSnipper accelerates expansion of cutting-edge AI technology to redefine the future of audit and finance.Post this
AI fast addressing global audit industry challenges
Auditors are overwhelmed by the volume of unstructured data, with nearly 60% of their time consumed by document-heavy tasks1. Time spent searching and analyzing drains productivity and leads to burnout and a greater likelihood of critical mistakes. DataSnipper’s new offerings, UpLink and DocuMine, tackle audit complexity head-on by transforming documents into real-time insights. Powered by large language models (LLMs) and advanced algorithms, they automate document processing and data analysis, shifting the focus from finding data to acting on it. These innovations will revolutionize audit workflows, keeping auditors in full control, while drastically reducing time spent on manual tasks and freeing teams to focus on more strategic work. This shift will also drive efficiency and pave the way for a smarter, more future-ready audit and finance landscape.
“UpLink and DocuMine together, future-proof the audit value chain, from document intake to data analysis, offering time savings and deeper insights at every step – whether in the cloud-based Prepared by Client (PBC) portal, or in Excel,” said Vidya Peters, CEO of DataSnipper. “By introducing AI earlier in the process, we give auditors time back to focus on more strategic work.”
AI-Powered UpLink
UpLink’s AI-native portal is designed to instantly identify insights from large volumes of client documents, solving one of the most significant bottlenecks in the audit process: document collection, review, and testing. It enables auditors to search and query hundreds of documents as soon as they are provided by customers, delivering real-time insights in real time. By frontloading the audit workflow with AI, UpLink allows auditors to move faster and shift from searching for answers to validating them, reducing manual effort and improving accuracy. The integration within the DataSnipper ecosystem creates a seamless, unified workflow, enabling audit teams to manage the entire process as documents are received in real-time from clients.
“Generative AI is revolutionizing the audit industry, enabling our clients to complete engagements twice as fast while achieving significantly higher-quality results and insights. Once teams experience the power of UpLink, there’s no turning back to the old ways of working,” said Alex Maher, CEO of UpLink. “Being part of DataSnipper’s ecosystem allows us to push the boundaries of AI-driven efficiency even further, delivering greater value to audit and finance professionals.”
“By leveraging UpLink’s AI capabilities, we can streamline the SOX process more efficiently through automated testing, documentation review, and evidence collection.” said Greg Rotz, MorganFranklin Consulting’s Risk and Regulatory Advisory Leader.
Introducing DocuMine
In tandem with the UpLink acquisition, DataSnipper is launching DocuMine, an advanced AI-driven product that enables auditors to mine, analyze, and verify large volumes of documents in Excel. DocuMine enables auditors to automatically validate critical data and focus on higher-value tasks like strategic decision-making. It shifts the effort from manually hunting for critical information to instant data verification, ensuring that audit evidence is quickly analyzed and confirmed with precision.
‘Our experience with DocuMine has shown it to be a powerful addition to our audit toolkit, making our work more engaging and efficient. The potential use cases for DocuMine are limitless,’ said John Toon, Chartered Accountant, Beevers and Struthers.
About DataSnipper
DataSnipper is transforming data in the audit and finance industry. Founded in 2017, DataSnipper provides audit and finance teams with an intelligent automation platform to drastically increase the quality and efficiency of audit and finance procedures. DataSnipper is used by over 500,000 audit and finance professionals in 125+ countries and serves all four of the largest global auditing firms: Deloitte, Ernst & Young (EY), KPMG, and PricewaterhouseCoopers. DataSnipper is the fastest-growing tech company in the Netherlands and raised $100 million in Series B, led by Index Ventures at a $1 billion valuation.
About UpLink
UpLink is an AI-native document management platform designed for audit and accounting teams. Established in 2022, UpLink integrates advanced machine learning into the document workflow to automate and streamline the review of documents, dramatically speeding up processes that traditionally take hours or even days. Trusted by enterprises across industries, UpLink is transforming the future of audit and finance through cutting-edge automation and AI.
For all press enquiries contact Barry Bracken: barry.bracken@datasnipper.com
SOURCE DataSnipper