NEW YORK, Dec. 7, 2010 /PRNewswire/ -- EDGAR® Online, Inc.
(Nasdaq: EDGR), a leading global provider of XBRL (eXtensible
Business Reporting Language) filing creation services, data and
analysis tools, today announced that the Company has secured
strategic alliances with several of the financial printers and
other service providers that prepare SEC filings for mutual funds,
specifically, Merrill Corporation, Vintage Filings and Issuer
Direct. EDGAR Online is the provider of XBRL filing creation
services to these companies and their clients, which represent more
than 2,000 separate mutual funds. These alliances signal EDGAR
Online's dominant position in the emerging mutual fund XBRL
risk/return summaries market.
"Our mutual fund clients need to effectively comply with the new
ruling. We chose EDGAR Online to provide XBRL-tagging services for
our XBRL Complete(SM) solution because they lead the industry in
XBRL translations for mutual funds," said Roy Gross, President of Merrill's Marketing and Communication
Solutions business. "This strategic alliance integrates EDGAR
Online's expertise in XBRL translations with Merrill's XBRL filing and publishing services
- providing a complete, turnkey solution for our customers to
comply with confidence."
Effective January 1, 2011, the SEC
will require mutual funds to provide XBRL risk/return summaries as
an exhibit to any registration statement or post-effective
amendment on Form N-1A that includes or amends risk/return summary
information, as well as in an exhibit to any form of prospectus
that contains risk/return information that varies from their most
recent registration statement or post-effective amendment. Filing
the risk/return summaries in XBRL gives investors quicker access to
the data they want in a format that is easy to search and
analyze.
EDGAR Online's move into services for mutual funds follows the
completion of the merger with UBmatrix, Inc. which provides XBRL
software to enterprise software vendors like Oracle and SAP, as
well as major U.S. and international regulators. This combined
expertise makes EDGAR Online one of the leading global end-to-end
providers of solutions for the creation, validation and analysis of
XBRL content.
"EDGAR Online is currently the leader in XBRL filings submitted
to the SEC, having created more than 1,000 XBRL filings for more
than 350 public companies since the beginning of 2008," said
John Connolly, Interim CEO of EDGAR
Online. "We are extremely pleased to apply our experience to this
new XBRL market, and add mutual funds to the universe of
organizations that we serve."
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" 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
disclaim any obligation to update or revise any forward-looking
statements.
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.