Netherlands-based Hyarchis, an AI-powered document management solution, has acquired DAPAS, which helps accountants automate their compliance processes.
Through this deal, Hyarchis claims it will introduce the first comprehensive compliance solution for the accountancy market. Accountants will be able to automatically bring their compliance in order throughout the entire life cycle of their clients.
Founded in 2015 by former KPMG employees, DAPAS provides accountants with a compliance manager. The service gives them insights into risks via a dashboard of the entire client portfolio.
Its manager also supplies the user with necessary information about the client and order acceptance.
Hyarchis stated the acquisition would enable it to enter the customer onboarding space. It will also enable accountants to now manage compliance fully automatedly throughout their customers’ entire lifecycle.
Hyarchis CEO Adriaan Hoogduijn said, “The AFM estimates that the costs of carrying out the supervision of the accountancy sector will increase from €1.5m in 2021 to €5.1m in 2024. This will put pressure on the traditional revenue model of accountants and put automation high on the agenda on the boards of accounting firms.
“The current approach of decentralized compliance, which is mostly ad hoc, with no control over the execution of the prescribed process, is no longer sustainable.”
There were several notable FinTech developments in the Netherlands last year. In November, FINOM, a financial management platform aimed at SMEs, continued its European expansion efforts with its launch in the Netherlands.
Netherlands-based cybersecurity company Guardey secured €2.2m in a funding round. The company offers cybersecurity tools to protect SMEs.