WebFilings Secures $12.5 Million Series B Equity Funding Round Bringing the Company's Total Financing to Date to $24 Million

Growth Capital Raised to Accelerate Focus on Supporting Rapid Market Uptake

Oct 05, 2010, 10:33 ET from WebFilings

LOS ALTOS, Calif., Oct. 5 /PRNewswire/ -- WebFilings, maker of category-defining end-to-end compliance reporting software, announced today that it has closed a fully subscribed $12.5 million Series B private placement of equity securities to new and existing investors.  This close brings the company's total financing since inception, via all sources, to $24 million and positions the company to support its continued rapid customer acquisition and company growth strategies.

"Our ability to secure this funding, and to actually have the round come in oversubscribed, is recognition by our investors that the WebFilings solution has been well received and is bringing real value to our customers," said Matt Rizai, CEO of WebFilings. "We are the fastest growing company in our market space,  providing what the industry has recognized as the best of breed solution."  

"We decided to raise these funds when the tremendous customer demand for our solution provided an opportunity to accelerate our market penetration plans," added Rizai. "We will utilize this round as pure growth capital to invest even more heavily in the continued success of our customers and to meet the market's interest in our offerings."

WebFilings' cloud-based software, the first of its kind on the market, streamlines and improves the cumbersome, manual process that companies currently use to draft and file Securities Exchange Commission (SEC) reports, including the recently-mandated XBRL reporting process. The software integrates word processing and spreadsheet functionality, EDGAR HTML conversion and XBRL mapping and tagging into a single, fully-integrated, end-to-end solution that helps SEC reporting teams meet reporting requirements for a range of regulatory filings.  

"A major driver of our fast growth has been our integrated XBRL capability," said Rizai. "XBRL filers are recognizing the advantage of completing their XBRL mapping and tagging in parallel with their text reports and having our software automatically keep their reports, XBRL exhibits and EDGAR HTML in sync."

Companies of many types and sizes have embraced WebFilings' innovative, integrated approach to SEC reporting. The company's customer list includes representation from a diverse group of industries including high-tech, manufacturing, energy/utilities, consumer goods, airlines, banking and financial services and more. A sampling of the companies who have signed on with WebFilings includes: United Airlines, Inc., Cabela's Inc., Herman Miller, Inc., Rexnord/RBS Global, Inc., Black Hills Corporation, FBL Financial Group, Inc., First Solar, Inc., and Winnebago Industries, Inc.

WebFilings' software saves companies time and money, helps ensure the accuracy of their reports and enables reporting teams to take complete control over their document development and filing process. "WebFilings is the only solution I've ever seen that addresses all the issues we've had with SEC filing," said Carrie Dostal, Life Accounting Manager at FBL Financial Group, Inc.  

"I would definitely recommend WebFilings because it meets a need that's so basic to any organization that files with the SEC," said Sarah Nielsen, CFO of Winnebago Industries, Inc.

The Series B Preferred equity units sold in this private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws, and were sold pursuant to exemptions from registration pursuant to the Securities Act and applicable state securities laws.

About WebFilings

WebFilings is a privately held Los Altos, California and Ames, Iowa-based company that offers the first and only end-to-end solution for external financial reporting.  The company develops and markets a fully-integrated, cloud-based solution dedicated to meeting SEC reporting requirements. With WebFilings, reporting teams collaborate in real-time on their financial reports from accounting close through SEC acceptance – including integrated EDGAR HTML conversion and XBRL mapping and tagging.  As a result, WebFilings reduces the time, risk, and costs associated with the entire external reporting process.  For more information, visit www.webfilings.com/seriesb.

SOURCE WebFilings