Rivet and 28msec to Debut Joint Global Solution at XBRL International Next Week

DENVER, June 4, 2014 /PRNewswire/ -- Rivet Software, an industry leader in financial reporting, announced a strategic partnership with 28msec, a provider of Semantic Data Warehouse Technologies enabling highly scalable analytics of XBRL-sourced information. The partnership will benefit international regulatory agencies such as, the European Banking Authority, the Australian Prudential Regulation Authority, and the United Kingdom's HM Revenue & Customs as well as private and public multi-national companies. The key components of the XBRL solution created by the partnership are financial information data consolidation and analysis. Representatives from both organizations will be in attendance at the XBRL International Conference on June 9-11, 2014 in Orlando, FL to demonstrate the new solution.

"Partnering with 28msec fits into Rivet's global expansion plan. There is a great need in the international regulatory market as well the private market for more control, transparency and deeper data analysis," stated Rivet's Chief Executive Officer, Madelaine Rohan. "28msec's ability to analyze, enrich and consolidate a limitless amount of XBRL data coupled with our financial reporting expertise, delivers a unique solution to the XBRL global data analysis market. Our plan was to take Rivet global in 2014 and this partnership is the first step towards that goal."

Rivet's recent market resurgence has been fueled by numerous strategic partnerships and software development initiatives that fall under a solid strategy established by the new executive team in place since August of 2013. Rivet's new strategy to expand beyond the Microsoft Office-based Document, Disclosure and SEC Compliance Management space is furthered by the 28msec partnership. In addition, the partnership provides an agnostic solution for the complex international financial markets that have disparate taxonomies, currencies, and regulations. It will enable international organizations to easily consolidate and analyze large financial data sets that had previously been too complex to be processed efficiently.

"28msec was looking for a powerful financial reporting platform that would serve as the front-end to our data warehouse. We found that in Rivet's Crossfire," stated Eric Kish, Chief Executive Officer of 28msec. "We are excited to have teamed up with Rivet Software to deliver a solution that will address the large and complex regulatory and transparency requirements of the global financial market."

About Rivet Software

Rivet Software provides financial reporting systems that improve the way companies create and consume financial information. Founded in 2003 by software and accounting industry veterans, Rivet's mission remains to revolutionize global financial communications by enabling financial transparency and leveraging global standards. Headquartered in Denver, Co., the firm employs the most experienced XBRL and financial reporting staff in the industry. Rivet was honored in 2011 and 2012 as an Inc. 500 company.  www.rivetsoftware.com

About 28msec

28msec Inc. provides a Business Reporting Platform that is sold as a service and as software. Headquartered in Palo Alto, California, the company was founded in 2007 as a spinoff of ETH Zurich in Switzerland. 28msec's platform brings sophisticated semantic analysis to large-scale XBRL-based information repositories. It is based on NoLAP (NoSQL Online Analytical Processing), a technology that has been specifically designed by 28msec to lift the curse of dimensionality that makes the analysis and validation of XBRL-sourced information extremely challenging. www.28msec.com

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SOURCE Rivet Software