NEW YORK, Sept. 13 /PRNewswire-FirstCall/ -- EDGAR® Online,
Inc. (Nasdaq: EDGR), a leading provider of XBRL (eXtensible
Business Reporting Language) filing services, datasets and analysis
tools, today announced that John M.
Connolly, a member of its Board of Directors and former
President and Chief Executive Officer of Institutional Shareholder
Services (ISS), has been named interim President and Chief
Executive Officer effective on September 30,
2010. Connolly replaces Philip D.
Moyer, who has resigned, also effective September 30, as CEO, President and a member of
the Board, citing personal reasons. Following his
resignation, Moyer will serve as an advisor to the Board and the
management team, during which time he will be helping to transition
his responsibilities.
EDGAR Online's Board has formed a committee that will
immediately start the search for a new permanent CEO to lead the
next phase of the company's growth.
Connolly's extensive operational experience includes serving as
President and Chief Executive Officer of ISS, which provides proxy
voting, corporate governance, compliance, and risk management
solutions, until its sale to RiskMetrics in 2006. He is currently
an Operating Partner of Bain Capital Ventures.
Previously, Connolly founded Mainspring Inc., a provider of
strategic consulting, research, and advisory services to Fortune
1000 companies. Under his leadership, Mainspring grew from a start
up to a publicly traded company and was purchased by IBM in 2001.
Connolly went on to serve as Global General Manager of IBM's
financial services business consulting practice.
"All of us are extremely grateful for the time, effort and
expertise that Philip has devoted to the company over the past
three and a half years," said Mark
Maged, Chairman of the Board of Directors of EDGAR Online.
"He and the management team helped establish EDGAR Online as a
leader in XBRL services and data, and we wish him well. EDGAR
Online is very fortunate to have an accomplished executive like
John Connolly-who knows the business
well-to step into a leadership role at this dynamic time in our
evolution."
EDGAR Online is well-positioned to take advantage of the
momentum behind XBRL, as the leading producer of XBRL filings for
the SEC. The Company recently strengthened the management team with
Diana Bourke joining as Chief
Operations Officer, and David Price
joining as Executive Vice President and Chief Financial Officer, as
well as new leadership in sales and product management.
"The Board, management and I are excited about moving forward
and building EDGAR Online into the leading provider of XBRL
software, services and data solutions," Connolly said. "We remain
fully committed to the merger with UBmatrix. Together we will
broaden our reach into additional markets and add world-class
partners, which will accelerate our delivery of XBRL products and
services to improve the transparency and efficiency of business
information exchange for filers, regulators, analysts and
investors."
Conference Call Details
EDGAR Online will host a conference call to discuss this
announcement at 4:30 p.m. Eastern
Time on Monday, September 13,
2010. Connolly and Price will host the call. To participate,
please dial (877) 407-8031 (Domestic) or (201) 689-8031
(International).
The teleconference will be available for replay beginning
September 13, 2010 after 7:00 p.m. EDT through September 20, 2010. To access the replay,
dial (877) 660-6853 (domestic) or (201) 612-7415
(international). The account number is 286 and the conference
ID is 197659.
The call will also be broadcast simultaneously and archived on
the Internet at: http://www.edgar-online.com/investor/.
About EDGAR® Online, Inc.
EDGAR Online, Inc. (www.edgar-online.com) (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 via online
subscriptions and data licenses directly to end-users, embedded in
other web sites and through a variety of redistributors. EDGAR
Online has also developed proprietary automated systems that allow
for the rapid conversion of data and is a pioneer and leader in
XBRL. The company uses its automated processing platform and its
expertise in XBRL to produce both datasets and tools and to assist
organizations with the creation, management and distribution of
XBRL financial reports.
Additional Information
In connection with the proposed issuances of EDGAR Online stock
in the merger contemplated by the Agreement and Plan of Merger
between the Company and UBmatrix and in a related transaction,
EDGAR Online will file with the SEC a proxy statement. EDGAR Online
will mail the proxy statement to its stockholders. EDGAR Online
urges investors and security holders to read the proxy statement
regarding the proposed issuances when it becomes available because
it will contain important information. You may obtain copies of all
documents filed with the SEC regarding these transactions, free of
charge, at the SEC's web site (www.sec.gov). You may also obtain
these documents free from EDGAR Online at www.edgar-online.com, or
by contacting the EDGAR Online Investor Relations Department at
(203) 852-5660.
EDGAR Online and its directors, executive officers and certain
other members of management and employees may be soliciting proxies
from EDGAR Online stockholders in favor of the stock issuances.
Information regarding the persons who may, under the rules of the
SEC, be deemed participants in the solicitation of the EDGAR Online
stockholders in connection with the proposed stock issuances will
be set forth in the proxy statement when it is filed with the SEC.
You can find information about EDGAR Online's executive officers
and directors in the proxy statement for EDGAR Online's 2009 annual
meeting of stockholders, filed with the SEC on April 27, 2009,
and in its Current Report on Form 8-K, filed with the SEC on
January 29, 2010. Free copies of these documents may be
obtained from EDGAR Online as described above.
Use of Forward-Looking Statements
"Forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995 may be included in this
press 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 solutions and
subscriptions business, the integration of UBmatrix into our
business and the approval by our shareholders of certain
transactions contemplated by the merger agreement. 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 SEC,
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 (i)
our ability to increase revenues, (ii) our ability to obtain
profitability, (iii) our ability to 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, (x) changes in our business
strategies, (xi) the merger with UBmatrix, Inc. and the integration
of its business into ours and (xii) a failure of our shareholders
to approve certain transactions contemplated by the merger
agreement with UBmatrix or a failure of either party to meet any of
the other conditions to closing the merger.
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.
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