Founder and Former CEO, Mike Rohan, Remains as Chairman of Rapidly-Growing XBRL Financial Reporting Software Company

DENVER, Jan. 25 /PRNewswire/ -- Rivet Software, a Denver-based company pioneering the future of global financial communications, announced that Patrick Quinlan has been promoted from President to Chief Executive Officer.  Quinlan replaces Mike Rohan, who remains as Chairman, effective immediately.

(Photo:  http://www.newscom.com/cgi-bin/prnh/20100125/NY42927)

"The next few months will represent a seismic shift in the financial reporting industry as the majority of U.S. public companies begin filing their corporate statements in extensible business reporting language (XBRL)," said Mike Rohan, former CEO and current Chairman of Rivet Software. "During his tenure as President, Patrick has increased operational efficiencies, cultivated a dramatic spike in brand awareness, and taken the company into profitability as of this last quarter, and we are confident that he will continue to establish Rivet Software as the dominant leader in XBRL reporting software as we move forward."

The first phase of mandated XBRL filings to the SEC began for the 500 largest U.S. public companies in June 2009, with all large accelerated filers being required to begin using XBRL this June.  By June 2011, all remaining public companies will be required to conform to these standards, and companies that do not use XBRL to file these documents can be held criminally liable for failure to submit proper paperwork.

"Rivet Software is poised to capitalize on this increasing need for reliable XBRL solutions, and I am greatly looking forward to leading the company to further growth as the organization's CEO," said Quinlan.

As CEO, Quinlan will assist with the ongoing development of Rivet Software's Crossfire Reporting Platform, a new tool available as a SaaS application that enables businesses to manage the compliance, control and communication of their financial information.

As a business executive with a proven track record of startup development, funding strategies, and capital investment success, Patrick Quinlan first came to Rivet Software as President in September of 2009.  His experience within the small and emerging business space quickly helped him build a reputation for managing effective sales teams, meeting revenue goals, and achieving peak performance.

Rivet Software is a leading supplier of XBRL-enabled financial reporting software to the Fortune 1000 and a trusted technology and service provider to the Securities and Exchange Commission (SEC).  The company has spent more than 100,000 development hours creating the most comprehensive XBRL reporting solution for public and private companies seeking greater financial transparency. Built by accountants for accountants, Rivet is the only software solution deployable across the enterprise that can offer the highest level of taxonomy required by the government.

About Rivet Software:

Comply. Control. Communicate.

Founded in 2002, Rivet Software (http://www.RivetSoftware.com) is headquartered in Englewood, CO, and is the developer of XBRL solutions for financial communications. A pioneer in the development of automated reporting platforms, Rivet's software gives public and private companies the fiscal transparency needed to conduct business, account for revenue and expenses, audit activities and meet disclosure for the government and shareholders alike.  Leading the evolution of global financial communications, Rivet empowers business users with control over the collection, analysis and dissemination of business and financial information.

SOURCE Rivet Software

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