Data and Database Management Software
EDGAR Online Unveils More Powerful XBRL Platform
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I-Metrix Xcelerate Automates XBRL Data Generation From Multiple Formats, Languages and Asset Classes
NEW YORK, Oct. 16 -- EDGAR(R) Online, Inc. (NASDAQ: EDGR) today released Version 2.0 of I-Metrix Xcelerate -- an automated eXtensible Business Reporting Language (XBRL) generation platform.
"I-Metrix Xcelerate is the most robust technology platform available in the U.S. to convert the financial statements for source content into XBRL data." said Philip Moyer, CEO and President of EDGAR Online, Inc. "Our Xcelerate platform is not just for public companies that need to file 10-Ks and 10-Qs. It can be used to mine the fundamental financial information of practically any asset class. In this market the need for clarity is essential: financial institutions need to monitor the health of their loan portfolios; information companies need to mine private and public financial data; municipal bond investors need to extract financial statements; and participants in the credit derivatives market need to decipher the loans in their portfolios. These are just a few examples of where our I-Metrix Xcelerate platform and XBRL can add tremendous value to the already existing information."
I-Metrix Xcelerate can benefit almost any company, regulator or data provider that is looking to increase the detail and accuracy of their financial information while reducing the time and cost associated with collecting it. The Xcelerate engine utilizes a proprietary data parsing and mapping technology to identify and extract relevant information within source documents and then map that information to a user's custom XBRL identifiers. It also includes a sophisticated and dynamic taxonomy management system as well as an extensible business rules validation engine. The platform can either be implemented into a customer's own workflow or EDGAR Online can provide 'software-as-a-service' to process the information on an outsourced basis. To date, the I-Metrix Xcelerate platform has been used to help more companies file with the SEC using XBRL than any other solution.
"We created the EZ Start XBRL solution in collaboration with EDGAR Online," said Tom Juhase, President of RR Donnelley's Financial Services offering. "The Xcelerate platform allows us to provide our clients with the fastest, most efficient XBRL data conversion available. Our leadership among companies participating in the SEC's Voluntary Filing program is a testament to the effectiveness of the technology.
In a further extension of the technology, EDGAR Online has also partnered with CNW Group, Canada's largest news and information distribution service, to provide an Xcelerate powered solution for the Canadian market.
"As a result of our partnership, CNW Group can offer our clients a robust solution for simple, fast and accurate XBRL tagging of fundamental financial data in Canadian GAAP or IFRS," said Melanie Kurzuk, Senior Vice President, News and Information Technology Division, CNW Group. "The CNW and Edgar Online partnership provides an automated solution for those interlisted Canadian issuers impacted by the proposed SEC mandate and provides a Canadian solution for those issuers who want to keep pace with their U.S. counterparts and participate in the Canadian Securities Administrators voluntary filing program."
"Using Xcelerate, information is transformed within minutes, which includes time spent on several layers of quality control," added Moyer. "This processing speed dramatically reduces the cost and time traditionally associated with XBRL data generation. In volatile markets such as today's, every minute counts in terms of converting and publishing accurate, reusable XBRL-enabled reports to ensure the marketplace has the information and transparency it needs for decision making."
About EDGAR Online, Inc.
EDGAR Online, Inc. (NASDAQ:EDGR) is a leader in the distribution of company data and public filings for equities, mutual funds and a variety of other publicly traded assets. We deliver our information products directly to end users via online subscriptions and data licenses, and to redistributors who embed our content in their own and their clients' Web sites.
Our proprietary automated systems allow for the rapid conversion of data and we are a pioneer and leader in the global financial reporting standard--eXtensible Business Reporting Language otherwise known as XBRL. We use our automated processing platform and our expertise in XBRL to produce both datasets and tools and to assist organizations with the creation, management and distribution of XBRL financial reports. For more detailed information on all of our businesses or to contact us please visit our Web site at www.edgar-online.com.
EDGAR(R) is a federally registered trademark of the U.S. Securities and Exchange Commission. EDGAR Online is not affiliated with or approved by the U.S. Securities and Exchange Commission.
CONTACT: T. David Colgren, Colcomgroup, Inc., +1-917-587-3708, dcolgren@colcomgroup.com
