MindBridge, the Ottawa-based artificial intelligence company working on risk detection for the FinTech space, has acquired Brevis Limited, an accountancy technology firm based in the United Kingdom (UK).
“We are aligned in our vision to transform the industry using artificial intelligence.”
MindBridge completed the acquisition on February 28. The startup explained that the acquisition strengthens its commitment to “positively transform the accountancy and financial services professions.” MindBridge also noted that the acquisition of Brevis will help grow its customer base in the UK and Europe.
“Brevis has carved out a unique and valuable position in local accountancy marketplaces,” said Eli Fathi, MindBridge’s CEO. “We are aligned in our vision to transform the industry using artificial intelligence and ready to address the most pressing opportunities in helping organizations understand and leverage their financial data to make better decisions.”
Founded in 2017 by a team of accountants, software engineers, and designers, Brevis uses machine learning technology to offer an accounts production and corporation tax platform for accountants.
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Financial terms of the deal were not disclosed, though Mindbridge stated that the acquisition included technology and talent, including Brevis founders and principals, Stuart Cobbe, Sam Zalin-Miller, and Daniel O’Sullivan. Brevis has paused all new signups for its app during a transition period, but emphasized that current clients would see no immediate changes to their accounts.
“We are excited to bring our automated financial reporting technology to auditors and accountants around the world, allowing them to provide high-quality insights to their clients,” said Cobbe, CEO of Brevis. “The industry is waking up to the value of data to bring trust and transparency into businesses and we are proud to be part of that change.”
Through a combination of machine learning and artificial intelligence, MindBridge’s platform detects anomalous patterns of activities, unintentional errors, and intentional misstatements for operators in the financial services space. Its flagship Ai Auditor product launched in 2017.
In early 2019, the Ottawa startup raised $29.6 million in funding. At least $14.5 million of that came from the federal government through its Strategic Innovation Fund (SIF) to support a $140.8 million project where MindBridge is looking to develop a tool meant to help companies analyze data more effectively.
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According to MindBridge, the company has seen record year-over-year growth, growing its client base to 15 countries. MindBridge also noted that it has tripled the size of its workforce. The startup currently has partnerships with the likes of Bank of Canada, Bank of England, and Payments Canada. MindBridge noted that it plans to continue expanding into new markets, pointing specifically to corporate finance.
In August, MindBridge pulled in a top executive hire, with Government of Canada’s former chief information officer, Alex Benay, joining MindBridge as its chief client officer. Mindbridge noted, at the time, that Benay would be responsible for the company’s global growth as MindBridge looks to prepare for an IPO in 2021. Benay left MindBridge shortly after, taking on a role at KPMG as its partner of digital and government solutions.
The acquisition comes as Mindbridge is making a larger commitment to the UK. The startup recently announced the opening of a new London, UK office. A spokesperson for Mindbridge told BetaKit that the space is in addition to the company’s Brevis acquisition. In addition to the talent acquired from Brevis, Mindbridge’s new London office houses its director of AI Solutions for Europe, Rachel Kirkham, and a sales team.
UPDATE 10/03/2020: This story has been updated with information about Mindbridge’s new UK office.
Image courtesy MindBridge Analytics
