I-Metrix Xcelerate Automates XBRL Data Generation
From Multiple Formats, Languages and Asset Classes
NEW YORK, Oct. 16 /CNW/ - EDGAR(R) Online, Inc. (NASDAQ: EDGR) today
released Version 2.0 of I-Metrix Xcelerate - an automated eXtensible Business
Reporting Language (XBRL) generation platform.
"I-Metrix Xcelerate is the most robust technology platform available in
the U.S. to convert the financial statements for source content into XBRL
data." said Philip Moyer, CEO and President of EDGAR Online, Inc. "Our
Xcelerate platform is not just for public companies that need to file 10-Ks
and 10-Qs. It can be used to mine the fundamental financial information of
practically any asset class. In this market the need for clarity is essential:
financial institutions need to monitor the health of their loan portfolios;
information companies need to mine private and public financial data;
municipal bond investors need to extract financial statements; and
participants in the credit derivatives market need to decipher the loans in
their portfolios. These are just a few examples of where our I-Metrix
Xcelerate platform and XBRL can add tremendous value to the already existing
I-Metrix Xcelerate can benefit almost any company, regulator or data
provider that is looking to increase the detail and accuracy of their
financial information while reducing the time and cost associated with
collecting it. The Xcelerate engine utilizes a proprietary data parsing and
mapping technology to identify and extract relevant information within source
documents and then map that information to a user's custom XBRL identifiers.
It also includes a sophisticated and dynamic taxonomy management system as
well as an extensible business rules validation engine. The platform can
either be implemented into a customer's own workflow or EDGAR Online can
provide 'software-as-a-service' to process the information on an outsourced
basis. To date, the I-Metrix Xcelerate platform has been used to help more
companies file with the SEC using XBRL than any other solution.
"We created the EZ Start XBRL solution in collaboration with EDGAR
Online," said Tom Juhase, President of RR Donnelley's Financial Services
offering. "The Xcelerate platform allows us to provide our clients with the
fastest, most efficient XBRL data conversion available. Our leadership among
companies participating in the SEC's Voluntary Filing program is a testament
to the effectiveness of the technology.
In a further extension of the technology, EDGAR Online has also partnered
with CNW Group, Canada's largest news and information distribution service, to
provide an Xcelerate powered solution for the Canadian market.
"As a result of our partnership, CNW Group can offer our clients a robust
solution for simple, fast and accurate XBRL tagging of fundamental financial
data in Canadian GAAP or IFRS," said Melanie Kurzuk, Senior Vice President,
News and Information Technology Division, CNW Group. "The CNW and Edgar Online
partnership provides an automated solution for those interlisted Canadian
issuers impacted by the proposed SEC mandate and provides a Canadian solution
for those issuers who want to keep pace with their U.S. counterparts and
participate in the Canadian Securities Administrators voluntary filing
"Using Xcelerate, information is transformed within minutes, which
includes time spent on several layers of quality control," added Moyer. "This
processing speed dramatically reduces the cost and time traditionally
associated with XBRL data generation. In volatile markets such as today's,
every minute counts in terms of converting and publishing accurate, reusable
XBRL-enabled reports to ensure the marketplace has the information and
transparency it needs for decision making."
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. We deliver our information products directly to
end users via online subscriptions and data licenses, and to redistributors
who embed our content in their own and their clients' Web sites.
Our proprietary automated systems allow for the rapid conversion of data
and we are a pioneer and leader in the global financial reporting
standard-eXtensible Business Reporting Language otherwise known as XBRL. We
use our automated processing platform and our 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 on all of our businesses or to contact us please visit our Web
site at 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
EDGAR(R) 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.
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