Deloitte offloads Auvenir which rebrands as Streamworks Tech

Deloitte has sold Auvenir, an internal venture that develops audit and compliance software, to the business's management team. Following the transaction, Auvenir has rebranded as Streamworks Tech.

The management buyout is led by Pete Myers, Neeraj Sharma, and Tim Parker.

Auvenir was established within Deloitte and developed software for audit engagements and client collaboration. Over time, its products broadened into what it calls "accountech" and cloud-based compliance platforms.

Customer base

The technology has been used by audit and assurance organisations, including Deloitte and Audit New Zealand, and has also been adopted by other government entities.

Streamworks Tech also reports a presence among Canadian accounting firms, saying around 900 CPA firms in Canada use its Quality Management Guide and Engagements products.

The company positions its software around structured workflows for preparations, compilations, reviews, and audits, with an emphasis on quality management compliance requirements for accounting practices.

AI workflow

Alongside the rebrand, Streamworks Tech has launched an artificial intelligence-powered quality management system in the United States, in collaboration with CPA Club.

The US system includes ongoing monitoring and migration from existing tools.

Streamworks Tech describes itself as an intelligent, cloud-based client engagement platform originally designed for financial audit work and applicable to other engagement types, including internal and performance audits, compliance work, and due diligence workflows.

The platform's reach has extended beyond North America, based on usage figures cited by the company. It says the technology has been used in 150 geographies, and that several enterprise customers and national associations have built customised solutions on the platform.

Deloitte exit

The sale marks Deloitte's exit from ownership of a software venture adjacent to its audit and assurance practice. Large professional services firms have increasingly developed and procured specialised software in response to audit oversight expectations, documentation standards, and growing demand for repeatable quality management processes.

The buyer group is made up of senior leaders from within the business. Myers is Chief Executive of Streamworks Tech, and Sharma is Chief Operating Officer, according to the announcement.

Jean-Marc Mickeler, Deloitte Global Audit & Assurance Leader, said the firm saw a management-owned structure as the best route for the software business and its staff.

"We are proud of what Deloitte and Auvenir have achieved together, and Deloitte believes this is the best long-term path for the company and this team," Mickeler said. "Streamworks Tech is well-positioned to continue building on its existing strengths under its current leadership."

Streamworks Tech said it will continue to focus on firms, enterprises, and public sector organisations, citing interest across multiple industries in configurable engagement tools that standardise information collection, review steps, and compliance records.

"We have always had a laser focus on serving firms, enterprises, and the public sector with a clear mission to help professionals navigate complexity with the latest technology tools, including AI, that deliver confidence, compliance, and agility. Our dynamic solution has been successfully deployed for audit, assurance and compliance workflows and can now be easily configured for any type of client engagement across many verticals," Myers said.

Streamworks Tech said it will continue rolling out its AI-powered quality management system in the US with CPA Club, alongside its existing engagement and compliance products.