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press release | aigust gains three new shareholders

In the press
20 December 2023

by Nikolas Vandelanotte

PRESS RELEASE | aiGUST gains three new shareholders

aiGUST, the fintech company of BDO, Van Havermaet and Vandelanotte that formulates financial advice, trends and benchmarks using AI, is gaining three new shareholders: Baker Tilly, Certifisc and RSM. In August 2024, aiGUST will be launched to create value for all parties through data sharing. This should further optimise the accountancy landscape.

aiGUST logo

aiGUST, the fintech company of BDO, Van Havermaet and Vandelanotte, joins forces with three new partners: Baker Tilly, Certifisc and RSM [1]. A capital increase will expand the shareholdership and the aiGUST database.

In 2022, BDO, Van Havermaet and Vandelanotte founded the fintech company. With aiGUST, they want to bring together the data scattered across several existing accounting software packages and other systems in one place, securely and anonymously. The fintech company collects data through its usage model: parties share their data when they use the platform. This creates a comprehensive database that allows them to formulate financial advice, trends and benchmarks for the business world using artificial intelligence. In this way, the fintech aims to improve the way the industry works.

We did not create aiGUST with the idea of starting with three parties and then closing the door. We rather encourage participation because we see the benefits of working together to make our industry more efficient. This is only possible if we join hands across competitive boundaries to optimise the AI-generated outcomes of aiGUST. Together, we are driving the AI future of the accounting industry. Tim Bottelbergs , CEO aiGUST

AI in the sector

By making aiGUST's technology available to affiliated accountancy firms, the fintech company is able to provide detailed analysis of companies and sectors in real time. This enables accountants to provide more targeted and quick advice to their clients. An analysis of the construction sector, for example, shows that in the first nine months of 2023, turnover has dropped by an average of more than 6% compared to the same period last year, despite rising prices. For a quarter of companies, the drop in turnover is even more than 25%. In addition, these contractors are facing higher labour costs compared to the same period last year, which is also putting pressure on profitability. With these findings, these companies can act quickly to limit their loss of turnover.

Consulting across competitive boundaries

From the first quarter of 2024, new partners will be able to use the aiGUST modules via a licence. This is good news, because as with all things AI, the more data you have, the better the system will perform. In August 2024, aiGUST will be launched on the market. Other players who share their data with aiGUST will then be able to use its services.

Today, there is a noticeable shift from the accountant as data processor to the accountant as business advisor. This makes aiGUST an opportunity for the entire industry. "Firstly, AI performs a time-saving function that allows accountants to process data more efficiently. Secondly, AI can gain new and broad insights from this extensive data set, which an accountant can use to advise clients in a very targeted way, based on input from the entire industry," says Bottelbergs.

[1] Baker Tilly is a network of professional services firms specialising in accounting, auditing, consulting, corporate finance & ESG. Certifisc, an accountancy firm with offices in Oudenaarde and Ghent, despite its small size, has been building its own digital portals based on its digital mindset and services. RSM is a multinational network of professional services firms providing audit, tax and advisory services.

About aiGUST

aiGUST is a Belgian fintech company that is building Belgium's largest financial data pool and running self-developed intelligent algorithms on it to automatically formulate opinions and spot trends for accountants. The tech start-up aggregates data from all kinds of accounting software packages and other sources such as payroll data, detailed sales figures, energy consumption or customer data. Companies that buy a software licence from aiGUST join an ecosystem where they can use the power of all the collected data to strengthen their own innovation capabilities based on the insights. aiGUST is based in Leuven and employs 10 people.

For more information: www.ai-gust.io