Accelerating Movement Toward Adoption of Interactive Data


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Sarbanes Oxley : Technology : XBRL

Accelerating Movement Toward Adoption of Interactive Data

Kevin Chesser
Partner
Calvetti, Ferguson & Wagner

Rivet Software, a leader in interactive business software solutions, has announced that it has been selected as part of a team led by Keane, Inc. (NYSE: KEA) to help maintain and modernize the U.S. Securities and Exchange Commission (SEC) EDGAR? system for the collection and distribution of financial data. The 3-year contract, with options for an additional three years, will utilize the knowledge and skills of the diverse team to manage the existing EDGAR System, as well as propose and implement solutions in support of the modernization effort.

Rivet will play a key role in the modernization effort, in conjunction with BearingPoint, Inc. (NYSE: BE) and Microsoft Corporation (Nasdaq: MSFT), by utilizing its expertise as a developer of innovative software solutions for the creation, collection, viewing and analysis of XBRL? (eXtensible Business Reporting Language) data. The concept of interactive data and XBRL?the XML-based global standard for the electronic communication of business and financial data?has been consistently advanced by SEC Chairman Christopher Cox as the primary means for efficient access, validation and analysis of financial data. Interactive data and XBRL will help automate the EDGAR system by allowing investors and analysts to conduct real-time analysis of nearly 700,000 SEC filings each year, making filed data more readily available and useful.

?Rivet Software was founded on the belief that the XBRL standard for interactive data can dramatically enhance the ability of investors and analysts to rapidly scrutinize financial information, and we look forward to working alongside the SEC to make this standard more readily available,? said Mike Rohan, president and CEO of Rivet. ?Rivet applauds the continued efforts of the SEC in focusing awareness on the power and potential that interactive data can bring to the investment community.?

Rivet?s i-Fi? Suite of interactive financial applications combines the new server-based Crossfire? Analyst product with Rivet?s popular Dragon Tag? XBRL creation and Dragon View? XBRL viewing solutions to provide interactive data support throughout the entire reporting supply chain. Crossfire Analyst is the first business-focused application to deliver a fully scalable solution to easily collect and analyze XBRL data, providing regulators, analysts, investors and corporations with a powerful and flexible solution for interacting with financial and business data.

Rivet Software is an innovator in developing effective and easy-to-use interactive business solutions. Based in Denver, Colorado, USA, Rivet Software is focused on addressing new worldwide technology requirements for the business reporting and accounting community. All Rivet Software products adhere to the XBRL global reporting standard and work with the de facto standard desktop software, Microsoft Excel? and Word. The company?s management team includes industry veterans and founding members of the XBRL community.

For additional information, please visit www.rivetsoftware.com.

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