Bain Capital Ventures Invests $12 Million in EDGAR Online
January 29 2010 - 8:00AM
PR Newswire (US)
Preferred Stock Purchase to Help Company Grow and Invest in
Technology and Service Innovations NEW YORK, Jan. 29
/PRNewswire-FirstCall/ -- EDGAR® Online, Inc. (NASDAQ: EDGR), a
leader in the distribution of public company filings and in the
XBRL financial reporting standard, today announced that it has
completed an agreement for Bain Capital Ventures to purchase $12
million worth of convertible Series B Preferred Stock of the
Company. EDGAR Online expects to use the newly-secured funding to
scale its pioneering leadership position in the filing business
associated with XBRL, the eXtensible Business Reporting Language
standard, and simultaneously invest to expand its data and
subscription offerings. Bain Capital Ventures is an affiliate of
Bain Capital, one of the largest and most respected private
investment firms in the world. Bain Capital Ventures is known for
its exceptional approach to identifying and partnering with the
management teams of early and growth stage entrepreneurial
companies to build market leaders. The firm has invested in such
industry-leading companies as Gartner Group, SunGard, Experian,
Archer Technologies, SolarWinds, DoubleClick, Instinet, Staples,
ProfitLogic, Regulatory Data Corporation, Shopping.com, Taleo,
LinkedIn and others. The Jordan, Edmiston Group acted as advisor to
EDGAR Online in connection with the transaction. "We are excited by
the growth opportunity this investment by Bain Capital presents to
our company, our customers and our shareholders," said Philip
Moyer, CEO of EDGAR Online. "This investment accelerates our
ability to scale in support of the growing demands we see in our
XBRL filings business and to deliver the next round of innovation
we believe is needed in our data and subscriptions businesses. We
cannot imagine a better strategic investor than Bain Capital, which
has a long track record of success with hundreds of portfolio
companies that understand and use compliance services, and others
that drive software and service innovation across the entire
financial services market. This investment not only strengthens our
balance sheet, it also positions us to deliver the next generation
of value for our shareholders." Two representatives of Bain
Capital, Jeffrey Schwartz and John Connolly, will be joining EDGAR
Online's Board of Directors. Schwartz is a Founding Partner and
Managing Director of Bain Capital Ventures, and Connolly is an
Operating Partner. Connolly is the former CEO of Institutional
Shareholder Services, a subsidiary of RiskMetrics which provides
proxy voting, corporate governance, compliance, and risk management
solutions. "We are looking forward to Jeff and John joining our
board," Moyer added. "They both have a significant history of
success in growing great companies in the compliance and financial
services markets. Our work with Jeff and John and their colleagues
over the past several months has demonstrated to us that they
understand the needs of emerging market leaders like EDGAR Online
and the full market opportunity we have in front of us." "We are
excited to have the opportunity to make this investment because we
believe EDGAR Online is a high potential company and a unique
leader in its markets," said Schwartz. "We have been very impressed
with the technology, people and processes the Company has deployed
to achieve market leadership in the XBRL filings market, and with
the vision for its data and subscription assets. We believe we can
bring tangible support and experience to EDGAR Online's strategic
vision and help their team accelerate growth and innovation for the
benefit of their customers." EDGAR Online will be holding an
investor call to discuss this announcement at 1:00 p.m. EST today.
Philip Moyer, CEO and President, and John Ferrara, CFO, will host
the call. To participate, please call (877) 407-8031 (toll-free for
domestic callers) or (201) 689-8031 (international callers). The
call will also be broadcast simultaneously over the Internet at:
http://www.edgar-online.com/investor. The teleconference replay
will be available for approximately one week beginning at 7:00 p.m.
EST on January 29 by calling (877) 660-6853 (domestic) or (201)
612-7415 (international callers). The account number is 286 and the
conference ID is 343834. 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. The company delivers its information
products directly to end users via online subscriptions and data
licenses, and to redistributors who embed its content in their own
and their clients' Web sites. EDGAR Online's proprietary automated
systems allow for the rapid conversion of data, and the company is
a pioneer and leader in the global financial reporting standard
eXtensible Business Reporting Language, otherwise known as XBRL.
EDGAR Online uses its automated processing platform and 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, please visit
http://www.edgar-online.com/. About Bain Capital Ventures Bain
Capital Ventures (http://www.baincapitalventures.com/) is the
Boston-based venture capital affiliate of Bain Capital, which has
approximately $65 billion of assets under management worldwide.
Founded in 1984, Bain Capital and its affiliates have made
investments in more than 300 companies. The firm's history of
investing in early stage companies also dates back to 1984, having
made over 125 venture-stage investments since inception including
such companies as Gartner Group, SunGard, Experian, Archer
Technologies, SolarWinds, DoubleClick, Instinet, Staples,
ProfitLogic, Regulatory Data Corporation, Shopping.com, Taleo, and
LinkedIn. In 2001, Bain Capital Ventures was formed as a separate
arm of Bain Capital to focus exclusively on growth investments.
Bain Capital Ventures currently has approximately $1.5 billion in
assets under management. Use of Forward-Looking Statements
"Forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995 may be included in this news release.
These statements relate to future events and/or our future
financial performance and include, without limitation, statements
regarding our future growth prospects, future demand for our XBRL
business, future innovations in our data and subscriptions
business, and the impact of the investment by Bain Capital Ventures
on any of those developments. These statements are only predictions
and may differ materially from actual future events or results.
EDGAR Online, Inc. disclaims any intention or obligation to revise
any forward-looking statements whether as a result of new
information, future developments or otherwise. Please refer to the
documents filed by EDGAR Online, Inc. with the Securities and
Exchange Commission, which identify important risk factors that
could cause actual results to differ from those contained in
forward-looking statements, including, but not limited to risks
associated with our ability to (i) increase revenues, (ii) obtain
profitability, (iii) obtain additional financing, (iv) changes in
general economic and business conditions (including in the online
business and financial information industry), (v) actions of our
competitors, (vi) the extent to which we are able to develop new
services and markets for our services, (vii) the time and expense
involved in such development activities, (viii) risks in connection
with acquisitions, (ix) the level of demand and market acceptance
of our services, and (x) changes in our business strategies. 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.
DATASOURCE: EDGAR Online, Inc. CONTACT: Sue Childs,
+1-203-852-5669, Web Site: http://www.edgar-online.com/
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