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92
London, UK Acquired (Subsidiary)

AI-Powered Pre-Accounting Automation

Dext (Part of IRIS Software Group) • Led by Michael Wood, Alexis Prenn

🔒 Confidential
COI SCORE 92 VERIFIED

🔬 The Innovation Core

The Pain Point

Accountants and bookkeepers spend up to 30% of their time chasing clients for paper receipts and manually keying data into ledgers, leading to high error rates and delayed financial reporting.

The Solution

A pre-accounting platform that automates the collection and extraction of data from receipts, invoices, and bank statements. It uses proprietary OCR and AI to extract line items with 99% accuracy, categorizing them before they even reach the accounting software (Xero/QBO).

⚡ Verified Impact

● Validated
99% (Data Extraction)Accuracy
1 Million+ UsersUser Base
30 Million+ MonthlyTransactions
12,000+ Accounting PartnersFirms
CERTIFICATION

Gold Standard

TRL 9/9

📊 Market Traction

Revenue History ($M)

Market Share

🧠 Analyst Verdict: Bookkeeping Standard

"Dext (formerly Receipt Bank) is the de-facto standard for automated data capture in the UK and Australia. Its recent acquisition by IRIS Software Group (2025) solidifies its position as the 'engine room' for accounting firms, differentiating itself from cheaper tools via its 'Precision' module which checks for data quality errors automatically."

✅ Pros

  • Extraction Accuracy: Claims 99% accuracy on receipt data, handling handwriting better than generic OCR tools.
  • Dext Precision: A unique 'Quality Control' tool that scans Xero/QBO files to find duplicates and anomalies before month-end close.
  • Ecosystem Dominance: Deepest integration with Xero and QuickBooks Online, often being the first app recommended by accountants.

⚠️ Risks

  • Pricing Complexity: The shift to tiered pricing based on transaction volume has caused friction for smaller firms.
  • Feature Overlap: Accounting platforms like Xero (Hubdoc) and QuickBooks are increasingly building free, native OCR features that threaten Dext's core value prop.
  • E-commerce Nuance: While 'Dext Commerce' exists, heavy high-volume sellers often prefer specialized tools like A2X for granular COGS mapping.

🛠️ Use Cases

💡
Receipt Capture

Clients snap photos of lunch receipts via mobile app; Dext extracts vendor, date, tax, and amount instantly.

💡
Month-End Review

'Precision' tool scans the client's Xero file to flag 5 duplicate invoices before the accountant starts reconciliation.

💡
E-commerce Consolidation

Aggregating sales data from Shopify and Amazon into a single digital sales invoice for the ledger.

Market Maturity

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9

Commercial Grade

Fully audited operational history. Ready for scale.

6

Prototype / Pilot

Functional in relevant environments. High risk, high reward.

Current Maturity Status

TRL Score 9.0 / 9.0
  • check_circle Technology validated in lab (TRL 4)
  • check_circle System prototype demonstration (TRL 7)
  • check_circle Actual system proven in operations (TRL 9)
Transparency

Forensic Evidence Chain

We don't just "approve" listings. We build a permanent, immutable audit trail for every verified claim. See exactly what was checked, when, and by whom.

View Sample Audit Report →

Technical Diligence

> Architecture Review: PASS
> Security Audit: ISO 27001
> Scalability Test: 10k TPS

Customer Verification

> Client Interview: #8821
> Deployment Status: LIVE
> ROI Confirmed: 18% Savings

Certification Issued

STATUS: VERIFIED verified

Enterprise Action Center

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🛡️
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