Rivet Software's Crossfire Financial Reporting Platform™ to Assist U.S. Securities and Exchange Commission with XBRL Data Analysis

DENVER, Sept. 15 /PRNewswire/ -- Rivet Software, the premier provider of standards-based business reporting and analytics for financial communications, announced today the U.S. Securities and Exchange Commission (SEC) will be using the analytics component of its powerful Crossfire application to review and analyze financial filings submitted in eXtensible Business Reporting Language (XBRL) format. The only platform originally developed according to XBRL-standards, Crossfire transforms XBRL-data into valuable information by making it easy for users to access data and compare information across companies and industries.  

In what has become known as the "information age," much more financial data is available than in the past. However, access to data does not eliminate the difficulty of processing it in a meaningful way.  XBRL solves this problem by creating a process to tag data, allowing it to be easily downloaded and analyzed. Previously, it was possible to look at the financial performance of individual companies. Now, in part to the SEC's mandate requiring all public companies submit their financial filings in XBRL, Rivet's unique Crossfire application allows users to synthesize data from hundreds of companies to create macro views of entire industries. With just a few clicks, users can collect, analyze and apply data-driven knowledge in ways not possible before the recent XBRL requirements.

"We applaud the SEC's leadership and example showing the world how XBRL data can create a holistic view of information to be used for making stronger, more strategic business decisions," said Patrick Quinlan, CEO of Rivet Software. "Our Crossfire analytics application helps benchmark market data, which makes it easier for all types of organizations to efficiently identify areas for further investment and focus."

The SEC's selection of Crossfire's analytics component is another step in Rivet's ongoing journey to transform and simplify business communications. Rivet's goal is to make it easy for users to review information without possessing technical knowledge of the underlying software. The growing adoption of Crossfire is further proof of the benefits behind true data transparency.  More information on Crossfire can be found at www.rivetsoftware.com/products.

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. 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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Patrick Quinlan

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SOURCE Rivet Software