ROCKVILLE, Md., March 8, 2011 /PRNewswire/ --
EDGAR® Online, Inc. (Nasdaq: EDGR), a leading
global provider of XBRL (eXtensible Business Reporting Language)
software, services and data, today announced that Robert J. Farrell will join the company as
president and chief executive officer on March 28, 2011. He will replace John M. Connolly, who has acted as interim
president and CEO since September 30,
2010. Mr. Farrell will be based in the company's
New York City office.
Mr. Farrell will join EDGAR Online's board of directors.
John M. Connolly will remain a
member of the board and will assume the position of chairman of the
board. Mark Maged, current chairman
of the board, will assume the newly created role of lead
independent director.
Mr. Farrell, 47, brings to EDGAR Online a proven track record of
driving organizations that work with clients to achieve competitive
and operational advantages. Most recently, he was chairman and CEO
of Metastorm, a global provider of business process management
software and solutions, where he grew the company from a start-up
to an established firm with revenues of $75
million, recently overseeing the sale of the company to Open
Text Prior to Metastorm, Mr. Farrell was president of the Americas
region for Mercator Software, a NASDAQ-listed provider of
enterprise application integration software. In this capacity, Mr.
Farrell directed Mercator's operational and sales activities in
the United States, Canada, Mexico and South
America. Mr. Farrell was also chief operating officer
at LeadingSide, where he led day-to-day operations for the global
provider of knowledge-driven information retrieval and also served
as executive vice president of international operations at Computer
Horizons, a worldwide provider of IT services and solutions to
Fortune 1000 and government organizations. Earlier in his
career, he held positions at several large organizations including
E. F. Hutton, American Express and
Grumman Data Systems.
"Bob's vast experience scaling businesses and creating value for
organizations worldwide will help further accelerate EDGAR Online's
growth at this important time in our company's history," said
Mark Maged, chairman of the board of
directors of EDGAR Online. "Under his leadership, we are poised to
grow EDGAR Online's share of an expanding market."
"The market opportunity for EDGAR Online is tremendous," said
Farrell. "The expanding XBRL market, the investment by Bain Capital
Ventures, key strategic partnerships and the merger with UBmatrix
can all be leveraged to grow this business. I look forward to
working with the entire EDGAR Online team to make this happen."
EDGAR Online and Mr. Farrell entered into an employment
agreement on March 1, 2011, to be
effective as of his joining the company on March 28, 2011. Mr. Farrell's compensation and
other employment terms, including a non-solicitation and
non-compete covenant, are set forth in the employment agreement.
Also set forth in the employment agreement are the terms of a grant
of 3,448,310 restricted shares of the company's common stock on
March 28, 2011, as an inducement to
Mr. Farrell to join the company. The restricted shares will vest in
equal installments on the first three anniversaries of such date
and represents 5 percent of the company's fully diluted share
capital.
About EDGAR Online
EDGAR Online (Nasdaq: EDGR) is a leading global provider of XBRL
data, software and services solutions that improve the flow of
business information. The company's integrated portfolio of
products and services for global enterprises help them create,
deliver, analyze and use quality information. Thousands use the
company's solutions, including 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 the U.S. Securities and Exchange
Commission. The company delivers its solutions, including UBmatrix
XBRL software solutions, through an extensive network of partners,
including NASDAQ OMX, 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
disclaims 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.