Software offers interactive financial data management.
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Press Release Summary:
To provide interactive data support throughout external reporting supply chain, i-Fi(TM) application suite combines server-based Crossfire(TM) Analyst with XBRL (Extensible Business Reporting Language) creation and viewing solutions. Crossfire Analyst, available on hosted or self-hosted basis, is scalable, business-focused application that lets organizations collect and analyze XBRL data. Suite also incorporates Dragon Tag® XBRL enabler, Dragon View(TM) XBRL viewer, and Dragon Tag Forms.
Original Press Release:
Rivet Software Introduces i-Fi Suite for Complete Management of Interactive Data
Crossfire Analyst Expands Innovative Suite of Applications for Creating, Viewing, Analyzing and Distributing XBRL Data
WASHINGTON, June 27 -- Rivet(R) Software, a leader in interactive business software, today announced the i-Fi(TM) suite of applications designed to leverage the full potential of XBRL (Extensible Business Reporting Language) and interactive data. The i-Fi (interactive Financials) Suite combines the new server-based Crossfire(TM) Analyst with Rivet's popular XBRL creation and viewing solutions to provide interactive data support throughout the external reporting supply chain. Crossfire Analyst is the first business-focused application to deliver a fully scalable solution that enables organizations to easily collect and analyze XBRL data. Crossfire Analyst, in conjunction with Dragon Tag(R) XBRL enabler, Dragon View(TM) XBRL viewer and Dragon Tag Forms, rounds out Rivet's comprehensive suite of XBRL-based applications.
Crossfire Analyst is designed to provide regulators, analysts, investors and corporations with a powerful and flexible solution for interacting with XBRL data. The application allows accounting and financial users to easily create highly sophisticated and interactive analyses of XBRL information, including non-numeric data (such as Notes and MD&A), within the familiar environment of Microsoft Excel(R). By simply dragging and dropping any combination of XBRL components such as entities, taxonomy elements and time periods into an Excel worksheet, users are able to create reports and analytic views that can be automatically -- and effortlessly -- updated and distributed on a regular basis. Distribution is also available based on specific conditions in underlying data.
"The XBRL standard for interactive data can dramatically enhance the ability of users to rapidly scrutinize financial information," said Mike Rohan, president of Rivet. "The i-Fi Suite not only delivers on the promise of interactive data, but also provides investors, analysts, regulators and others with unprecedented insight into the revolutionary potential of this new global standard."
Interactive financials hold the promise for faster, more efficient analysis for regulators such as the U.S. Securities and Exchange Commission (SEC), who must currently manually sift through millions of pages of filed financial reports. "Today, the SEC has over 800 different forms. If one goes beyond the cover pages to the entire form, to focus only on the truly unique information in each one, it's been estimated that instead of the 800 forms now required, the SEC might have need of no more than a dozen," SEC Chairman Christopher Cox told the Senate Committee on Banking, Housing and Urban Affairs in a speech on April 25, 2006 (http://banking.senate.gov/_files/ACF42F1.pdf). With Crossfire Analyst, regulatory analysts and other internal consumers are given an extremely powerful, easy-to-use solution for extracting relevant information and trends from filed XBRL documents.
The XBRL standard has gained significant momentum over the past year, through implementations such as the SEC's Voluntary Filing Program, the Federal Deposit Insurance Corporation's (FDIC) Call Report modernization effort, and evaluation and pilot programs underway at taxing authorities and securities exchanges around the world including China, Italy, Japan, Norway and the UK. To assist these programs with fully utilizing XBRL, Crossfire Analyst now provides a powerful application to consume this interactive data and facilitate meaningful analysis and distribution.
The Crossfire platform will ultimately be expanded to include XBRL GL (General Ledger) and other transaction level data within the enterprise, enabling an organization to seamlessly meet both its internal and external reporting requirements through an integrated and interactive data model.
Availability and Pricing
Crossfire Analyst is available on a hosted or self-hosted basis and will be generally available in Q4 2006. Pricing for hosted subscriptions is expected to be $100 per user per month. Self-hosted pricing and information on participating in the Beta program is available directly from Rivet at Sales@rivetsoftware.com. Interested parties will be able to access Rivet's Crossfire Analyst demo site to evaluate the software and perform and save individual analyses in a secure location. Additional product information and pre-recorded demonstrations are also available at www.rivetsoftware.com.
About Rivet Software
Rivet Software is an innovator in developing effective and easy-to-use interactive business solutions. Based in Denver, Colorado, USA, Rivet Software is focused on addressing new worldwide technology requirements for the business reporting and accounting community. All Rivet Software products adhere to the XBRL global reporting standard and work with the de facto standard desktop software, Microsoft Excel and Word. The company's management team includes industry veterans, founding members of the XBRL community and past advisors to the American Institute of Certified Public Accountants (AICPA). For additional information, please visit www.rivetsoftware.com.
(C) 2006 Rivet Software, Inc. All rights reserved. Rivet, i-Fi, Crossfire, Dragon Tag and Dragon View are either registered trademarks or trademarks of Rivet Software, Inc. in the United States and/or other countries. All other trademarks are the property of their respective owners.
