NEW YORK, Dec. 7, 2010 /PRNewswire/ -- EDGAR® Online, Inc. (Nasdaq: EDGR), a leading global provider of XBRL (eXtensible Business Reporting Language) filing creation services, data and analysis tools, today announced that the Company has secured strategic alliances with several of the financial printers and other service providers that prepare SEC filings for mutual funds, specifically, Merrill Corporation, Vintage Filings and Issuer Direct. EDGAR Online is the provider of XBRL filing creation services to these companies and their clients, which represent more than 2,000 separate mutual funds. These alliances signal EDGAR Online's dominant position in the emerging mutual fund XBRL risk/return summaries market.
"Our mutual fund clients need to effectively comply with the new ruling. We chose EDGAR Online to provide XBRL-tagging services for our XBRL Complete(SM) solution because they lead the industry in XBRL translations for mutual funds," said Roy Gross, President of Merrill's Marketing and Communication Solutions business. "This strategic alliance integrates EDGAR Online's expertise in XBRL translations with Merrill's XBRL filing and publishing services - providing a complete, turnkey solution for our customers to comply with confidence."
Effective January 1, 2011, the SEC will require mutual funds to provide XBRL risk/return summaries as an exhibit to any registration statement or post-effective amendment on Form N-1A that includes or amends risk/return summary information, as well as in an exhibit to any form of prospectus that contains risk/return information that varies from their most recent registration statement or post-effective amendment. Filing the risk/return summaries in XBRL gives investors quicker access to the data they want in a format that is easy to search and analyze.
EDGAR Online's move into services for mutual funds follows the completion of the merger with UBmatrix, Inc. which provides XBRL software to enterprise software vendors like Oracle and SAP, as well as major U.S. and international regulators. This combined expertise makes EDGAR Online one of the leading global end-to-end providers of solutions for the creation, validation and analysis of XBRL content.
"EDGAR Online is currently the leader in XBRL filings submitted to the SEC, having created more than 1,000 XBRL filings for more than 350 public companies since the beginning of 2008," said John Connolly, Interim CEO of EDGAR Online. "We are extremely pleased to apply our experience to this new XBRL market, and add mutual funds to the universe of organizations that we serve."
About EDGAR® Online, Inc.
EDGAR Online (NASDAQ: EDGR) is a leading global provider of XBRL (eXtensible Business Reporting Language) solutions that improve the flow of business information. The company delivers solutions through its integrated portfolio of filing creation services, data and analysis products and software. Clients include thousands of U.S. public companies, mutual funds, leading financial analysts and institutional investors as well as global regulators such as the FDIC, Banque de France, and Keane Federal Systems under contract to the U.S. Securities and Exchange Commission. Software solutions for global enterprises and regulators are developed by UBmatrix, Inc., a wholly owned subsidiary. The company delivers its services through an extensive network of OEM and implementation partners including Oracle, PR Newswire, RR Donnelley, and SAP. To learn more about EDGAR Online visit 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 disclaim any obligation to update or revise any forward-looking statements.
EDGAR® 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.
SOURCE EDGAR® Online, Inc.