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EDGAR Online Sees Nearly 300 Percent Growth In XBRL Filings in Q3
Oct 11, 2011 (04:10 PM EDT)
Significant Jump In Disclosures Processed Reflects Leadership in Market
ROCKVILLE, Md., Oct. 11, 2011 /PRNewswire/ -- EDGAR® Online, Inc. (Nasdaq: EDGR), a leading global provider of XBRL (eXtensible Business Reporting Language) software, services and data, today announced that it experienced a 280 percent year-over-year increase in XBRL filings in the third quarter. This milestone represents close to 700 companies whose disclosures were handled by EDGAR Online during the period, and includes an impressive list of leading publicly traded firms across multiple sectors and industries. The increase demonstrates the highest number of filings to date for EDGAR Online, and comes in an increasingly competitive landscape with more vendors than ever claiming expertise in disclosure management products and services.
In the past two years, EDGAR Online has grown its overall XBRL filings by 362 percent. The uptick in activity reflects not only the shifting expectations from the SEC, but also the awareness among financial officers and SEC reporting managers that proper compliance with the SEC's filing mandates requires a high level of expertise in managing the ever expanding XBRL taxonomy. While the market has grown from just over 400 filings per quarter in 2009 to nearly 7,000 per quarter today, the number of companies offering XBRL solutions has tripled. The sustained growth in filings processed by EDGAR Online highlights its continued leadership in assisting public companies that are authoring and disclosing their documents in XBRL.
"It is clear that companies making XBRL filings are seeking a combination of technology, consultation and expertise to help them remain compliant and seamlessly author their filings," said EDGAR Online president and CEO Robert J. Farrell. "Even as more vendors move into the marketplace to take advantage of the regulatory environment, our customers continue to recognize and recommend EDGAR Online as the most knowledgeable and trusted provider of XBRL disclosure solutions."
EDGAR Online partners with leading financial publishers including RR Donnelly, PR Newswire, BusinessWire and Merrill Corporation to provide disclosure management services to their SEC filing customers. In addition to providing an initial level of compliance, the company's product offerings also include I-Metrix, a comprehensive analytics platform for financial professionals that allows them to perform risk analysis on both internal and external factors online and within a spreadsheet environment. Enterprise risk management currently being done by I-Metrix clients includes competitive landscape analysis, supply chain risk analysis, internal control analysis, institutional shareholder and board of directors analysis.
About EDGAR® Online, Inc.
EDGAR Online (NASDAQ: EDGR) is a leading global provider of XBRL (eXtensible Business Reporting Language) solutions that improve the flow of business information. The company delivers solutions through its integrated portfolio of filing creation services, data and analysis products and software. Clients include thousands of U.S. public companies, mutual funds, leading financial analysts and institutional investors as well as global regulators such as the FDIC, Banque de France, and Keane Federal Systems under contract to the U.S. Securities and Exchange Commission. Software solutions for global enterprises and regulators are developed by UBmatrix, Inc., a wholly owned subsidiary. The company delivers its services through an extensive network of OEM and implementation partners including Oracle, PR Newswire, RR Donnelley and SAP. To learn more about EDGAR Online, visit www.edgar-online.com.
Use of Forward-Looking Statements
This press release may contain forward-looking statements. These statements relate to future events or to future financial performance and may include, without limitation, statements regarding our future growth prospects, future demand for our XBRL products/services and future innovations in our data and solutions and subscriptions businesses. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," or "continue" or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect actual results, levels of activity, performance, or our growth strategy. For further information about the factors that could affect EDGAR Online's future results, please refer to our filings with the Securities and Exchange Commission. We assume no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise.
EDGAR® 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.
SOURCE EDGAR Online, Inc.