RIVET SOFTWARE PARTNERS WITH EDGAR® ONLINE® TO DEPLOY DRAGON TAG™ XBRL SOLUTION
Leading Business Information Provider EDGAR Online to Offer Rivet’s Dragon Tag to its Customers
DENVER -- January 25, 2005 -- Rivet Software, an innovator in developing effective and easy-to-use financial integrity management applications, announced today a partnership agreement with EDGAR® Online®, Inc. (NASDAQ: EDGR) to assist Rivet in the deployment of its Dragon Tag™ XBRL enabler software. Dragon Tag is the first, easy-to-use Microsoft® Office®-based solution that takes the complexity out of converting financial statements into the XBRL (eXtensible Business Reporting Language) industry-standard format.
Under the terms of the agreement, EDGAR Online, a leading provider of value-added business and financial information on global companies to financial, corporate and advisory professionals, plans to resell Dragon Tag, offering it to subscribers of its flagship service EDGAR Online Pro. EDGAR Online will complement the Dragon Tag offering with a planned Spring 2005 launch of I-Metrics, a suite of XBRL-based products that will make it easy and efficient for clients to analyze and compare XBRL financials.
“By combining the forces of Rivet and EDGAR Online, XBRL will be more accessible at both the preparer and analytic levels,” said Mike Rohan, president of Rivet Software. “Offering Dragon Tag to the customers of EDGAR Online will not only have a significant impact on sales of Dragon Tag but it will also help further the adoption of XBRL within corporations across the world.”
Rohan added that Dragon Tag makes creating XBRL reports as easy as using Microsoft Excel® or Microsoft Word®, while Dragon Tag coupled with EDGAR Online’s I-Metrics will allow users to easily compare their own XBRL-based reports with those of any public company.
Susan Strausberg, EDGAR Online's CEO and president, said, “EDGAR Online has always been one of the leading proponents of XBRL. We already convert fundamental public company data from SEC filings into XBRL format for our customers. Our new I-Metrics products will be based completely on XBRL and will provide even more valuable tools and data. We are certain that our customers will find value in Rivet’s Dragon Tag product.”
Dragon Tag provides the following benefits to help organizations lower adoption hurdles related to XBRL:
- Support for the latest XBRL Specification (2.1) and XBRL taxonomies such as U.S. GAAP (generally accepted accounting principles) and IFRS (international financial reporting standards)
- “Drag and drop” simplicity that allows user to quickly associate XBRL information to existing financial data
- Comprehensive review and validation features to help ensure accuracy prior to submitting or releasing XBRL documents
- Easy to use “wizard” process that walks users through extending an already-existing XBRL taxonomy to meet specific reporting needs
- Compliance with voluntary and mandated XBRL reporting requirements encountered by companies involved with XBRL regulatory filing initiatives such as the US SEC’s XBRL Voluntary Financial Reporting Program under the EDGAR System.
XBRL is a platform-independent standard based on XML that permits the automatic exchange and reliable extraction of financial data across the Internet. XBRL helps eliminate the need to re-key or cut and paste financial data by putting business report information into a single format that can be used for a variety of purposes. With a vast amount of today’s financial data locked in proprietary formats such as plain text documents, spreadsheets and HTML, XBRL provides the analyst and investor community a more efficient way to analyze financial information quickly and easily.
About Rivet Software
Rivet Software is an innovator in developing effective and easy-to-use financial integrity management applications. Based in Denver, Colorado, USA, Rivet Software is focused on addressing new worldwide technology requirements for the business reporting and accounting community. All Rivet Software products adhere to the emerging XBRL global reporting standard and work with the de facto standard desktop software, Microsoft Excel and Word. The company’s management team includes industry veterans, founding members of the XBRL community and past advisors to the American Institute of Certified Public Accountants (AICPA). For additional information, please visit www.rivetsoftware.com.
About EDGAR Online, Inc.
EDGAR Online, Inc. (Nasdaq: EDGR), www.edgar-online.com, is a leading provider of value-added business and financial information on global companies to financial, corporate, and advisory professionals. The company makes its information and a variety of analysis tools available via online subscriptions and licensing agreements to a large user base.
CONTACT:
Rob Blake, Rivet Software, (720) 249-2100, rob.blake@rivetsoftware.com
Lara MacKenzie, Ogilvy Public Relations Worldwide for Rivet, (303) 634-2668, lara.mackenzie@ogilvypr.com
David Colgren, EDGAR Online Public Relations, 646-536-5103, dcolgren@colcomgroup.com
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