DENVER, Dec. 7, 2010 /PRNewswire/ -- An independent analysis of Securities and Exchange Commission (SEC) financial filings on the XBRL Cloud EDGAR Dashboard through November 24, 2010 reveals Rivet Software has gained substantial market share from quarter to quarter in 2010. The number of quarterly eXtensible Business Reporting Language (XBRL) filings submitted through Rivet has increased more than 400% from Q1 to present. Additionally, Rivet's accuracy rate is among the highest of all XBRL vendors.
At the end of Q1 2010, Rivet was the fifth-largest XBRL software provider in the country. By the end of Q2, Rivet had claimed the third-largest XBRL software provider position. Q3 results catapulted Rivet into the second-largest XBRL solution provider spot. At present, Rivet is on track to finish out Q4 as the number one XBRL software provider, edging out former market leader Bowne, which was recently acquired by RR Donnelley.
More than fifteen XBRL software vendors have submitted financial reports to the SEC to date. Of the total 4,743 XBRL files submitted through November 2010, a full 20% were completed by Rivet. More than a quarter of all Fortune 500 companies use Rivet software for SEC financial reporting.
"We couldn't be happier with these numbers, but the real story is that we've created a highly successful, scalable business model to keep building momentum," said Patrick Quinlan, Rivet Software CEO. "Our clients have peace of mind that their filings are getting handled by the largest, most experienced XBRL team in the US."
To support this growth, Rivet's staff of CPAs, accountants and XBRL experts has quadrupled in the last nine months, making it one of Colorado's fastest-growing companies.
"The SEC compliance piece of our business is booming, but we are most excited about taking our clients to the next level – helping them get the most from XBRL data through internal and external analysis that empowers better decision-making," said Quinlan. "This is just the tip of the iceberg in realizing the benefits of transparent, streamlined financial reporting."
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 investors worldwide. More Fortune 500 companies use Rivet to meet 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
Available Topic Expert: For information on the listed expert, click appropriate link.
SOURCE Rivet Software