EDGAR Online Unveils More Powerful XBRL Platform
October 16 2008 - 9:00AM
PR Newswire (US)
I-Metrix Xcelerate Automates XBRL Data Generation From Multiple
Formats, Languages and Asset Classes NEW YORK, Oct. 16
/PRNewswire-FirstCall/ -- 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 http://www.edgar-online.com/. Use of
Forward-Looking Statements This press release may contain
"forward-looking statements" as defined in the U.S. Private
Securities Litigation Reform Act of 1995. Readers are cautioned not
to place undue reliance on these forward-looking statements and any
such forward-looking statements are qualified in their entirety by
reference to the following cautionary statements. All
forward-looking statements speak only as of the date of this press
release and are based on current expectations and involve a number
of assumptions, risks and uncertainties that could cause the actual
results to differ materially from such forward-looking statements.
Readers are strongly encouraged to read the full cautionary
statements contained in EDGAR Online's filings with the SEC. EDGAR
Online disclaims any obligation to update or revise any
forward-looking statements 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. DATASOURCE: EDGAR Online, Inc. CONTACT: T.
David Colgren, Colcomgroup, Inc., +1-917-587-3708, Web Site:
http://www.edgar-online.com/
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