Rivet Software Proves XBRL Financial Tagging Expertise With a 58% Increase in Market Share
Company Successfully Executes First Detailed Tagging Season and Experiences a 300% Increase in Filings
DENVER, Aug. 16 /PRNewswire/ -- Rivet Software, the premier provider of standards-based business reporting and analytics for financial communications, today announced it has increased its overall market share 58% to date from the previous quarter by successfully creating 270 Form 10Q and 10K filings using eXtensible Business Reporting Language (XBRL). This represents an approximate 300% increase over the number of filings created in Q1 and makes Rivet one of the top two companies of choice for public companies needing assistance with XBRL reporting. Rivet's growth is a significant accomplishment considering it is the first time in history Fortune 500 companies' Form 10Q and 10K filings were submitted using the XBRL detailed tagging process.
The U.S. Securities and Exchange Commission's (SEC) XBRL mandate helps standardize financial data so it can be easily collected, analyzed and disseminated for improved information transparency. This filing season, Fortune 500 companies were required to use a detailed tagging process, which adds considerable volume and complexity to the filing process. With detailed tagging, companies are required to 'tag' every value in their financial statements and footnotes including all tables, numbers and text, which can equate to over 1,000 additional tags. This is a five-fold increase over block note tagging.
"This is a historic and exciting time in the country's history, as we join together to meet the SEC's detailed XBRL tagging mandate," said Patrick Quinlan, CEO of Rivet Software. "Fortunately, Rivet has been preparing for this moment for several years, which is why our company outperformed all others in terms of financial accuracy and growth in both filings and market share. I couldn't be more proud of our performance or the monumental effort our employees put forth in ensuring each customer received the highest quality service."
Rivet has experienced more than a 100% increase in new business and, in response to growing marketplace needs, now has the largest US-based XBRL staff. Despite this hyper-growth, Rivet delivered the highest level of accuracy of any financial reporting company to date, according to the XBRL Cloud EDGAR dashboard, an independent resource for XBRL filing validation. The company attributes its ability to manage growth without sacrificing quality to its proprietary financial reporting platform, Crossfire. Over 150,000 hours went into developing Crossfire, which offers robust analytics and reporting, an integrated information center and easy-to-use tools for true information transparency.
About Rivet Software
Founded in 2002, Rivet Software is headquartered in Denver, CO, and is the pioneer in standards-based business reporting and analytics, serving public and private companies, regulatory agencies and investor's worldwide. Rivet enables more Fortune 500 companies in meeting their SEC filings than any other company. Rivet empowers companies with control over the collection, analysis and dissemination of their internal and external financial information helping to advance the transformation of business communication. Rivet's flagship product, Crossfire® Financial Reporting Platform, is a standards-based platform focused on internal and external reporting and analytics. Crossfire® is built on a robust XBRL framework with the support of an integrated information center and is easy-to –use for true information transparency. http://www.rivetsoftware.com
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