EDGAR Online, Inc. and UBmatrix, Inc. have signed a definitive merger agreement that would create a global end-to-end provider of solutions for the creation, validation and analysis of XBRL (eXtensible Business Reporting Language) content. UBmatrix is one of the original inventors of the XBRL financial standard, which is being mandated worldwide by many regulators to improve the transparency and efficiency of business reporting.
The merger would combine EDGAR Online’s position as the leading provider of U.S. Securities and Exchange Commission (SEC) public company XBRL filings and XBRL data, and UBmatrix’s experience as the leading XBRL software provider to independent software vendors and major U.S. and international regulators. The combined entity will be strongly positioned to provide global markets with XBRL based transparency solutions from issuers to regulators to investors.
“We are proud to announce this strategic merger. UBmatrix is the leader in XBRL software and is relied upon by some of the largest regulators and software companies in the world. EDGAR Online is a world leader in XBRL filing services and data used by some of the largest issuers and investment firms in the world. The new company will be strongly positioned as a global leader in XBRL software, services and data,” said Philip Moyer, President and CEO of EDGAR Online. “We expect this combination of businesses, brands and intellectual capital will allow us to expand the set of solutions we can offer to customers and partners in this rapidly growing market.”
“Creating a single comprehensive source for XBRL solutions in support of financial transparency will accelerate the market for this information exchange standard,” said Sunir Kapoor, President and CEO of UBmatrix, which is a privately held company headquartered in Redwood City, California. “Just as important, we believe that we will have the broadest and strongest network of partners in the industry. We expect this to ease adoption of the XBRL standard for organizations across the global financial information supply chain - from corporate filers and regulators to financial data providers and investors.”
