Amsterdam-based DataSnipper, a software company focused on transforming the financial audit industry, announced that it has a minority investment in growth equity from global software investor Insight Partners. However, the funding amount and valuation have not been disclosed.
Insight Partners’ Alessandro Luciano, who will join the DataSnipper board, says, “Without any investment, DataSnipper has built one of the most valued products we have seen. We are convinced that DataSnipper will make a tangible difference not only for auditors but for many other finance, accounting and tax professionals as well. We are humbled to be partnering with Maarten, Jonas, Kai and the broader DataSnipper team, confident in their success as they continue to Scale Up.”
Capital utilisation
DataSnippers’ aim is to establish itself as the leading name in intelligent automation for the financial industry. Therefore, the company says it will use the proceeds to accelerate operations in the US and throughout Europe, where daily thousands of auditors use DataSnipper.
Additionally, the funds will also be used to increase DataSnippers’ workforce and further fuel the development and enhancement of its automation platform in Microsoft Excel.
Maarten Alblas, founder and co-CEO at DataSnipper, says, “This minority investment from leading software investor Insight Partners enables us to deliver on our promise to make every auditor in the world more successful and impactful. DataSnipper’s value isn’t limited to auditors. As we continue to expand globally, early customers in these new markets are excited about the value DataSnipper delivers, and we’re looking to improve our platform and service offerings. The time is now.”
An intelligent audit platform within Excel
Auditing requires a lot of physical labour and repetitive activities, thus auditors have a great need for new technology that makes their work more productive. And this is where DataSnipper looks to make a difference.
Founded in 2017 by Jonas Ruyter, Kai Bakker and Maarten Alblas, DataSnipper provides auditors with an “intelligent” automation platform that increases the quality and efficiency of common audit procedures. We recently caught up with the founders of Datasnipper to under the reason behind starting an audit platform, the company’s bootstrapping success, its vision and future plans.
The company claims that its automation features, embedded into Excel, empower external auditors to do their work quickly and accurately. The platform is also starting to be used by financial professionals in other domains, including internal audit, financial control, accountancy, and tax.
DataSnipper serviced more than 300,000 auditors in 85+ countries over the course of the previous year and saw a threefold increase in its customer base, which now includes known companies like Deloitte, KPMG, EY, RSM, and BDO.
Brief about the investor
Insight Partners is a multinational software investor that collaborates with startups and scale-ups that are transforming their industries through the use of “high-growth” software, technology, and the Internet.
Currently, the firm has over $80B in assets under management. Over 55 of Insight Partners’ portfolio companies have gone public, and it has invested in more than 700 businesses globally. The goal of Insight is to identify, support, and collaborate with visionary CEOs by offering them real-world, hands-on software skills to promote long-term success.
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