SOURCE: Rivet Software, Inc

May 15, 2008 12:19 ET

Rivet Software Delivers New Technology to Support SEC Call for "Interactive Data"

New Mutual Fund Viewer, Software and XBRL Open Source Licenses for SEC Filers and Investors in Support of SEC Interactive Data Proposal

DENVER, CO--(Marketwire - May 15, 2008) - Rivet Software announces the availability of several new products for SEC filers and investors to more easily transition to interactive data (XBRL) filings as proposed by the U.S. Securities and Exchange Commission. With more than four years delivering XBRL solutions to SEC filers, investors and the SEC, Rivet now offers the following:

--  New versions of Rivet's Dragon Tag® XBRL Enabler and Dragon View®
    XBRL Viewer allow non-technical business users to easily create and view
    interactive data documents. Already used by most participants in the SEC's
    Voluntary Filing Program, Dragon Tag works with Microsoft Excel and Word to
    convert financial statements (including notes to financials) into
    interactive data documents ready for filing with the SEC.
--  Two new interactive data viewers, created by Rivet under contract by
    the SEC, are now available on the SEC public web site. The viewers include
    the Mutual Fund Risk and Return Viewer and an updated viewer for
    displaying, comparing, printing and exporting financial statements (with
    accompanying notes and other disclosures) based on the new XBRL U.S. GAAP
    taxonomies.
--  Open Source license that permits free use, modification and
    distribution of the new versions of Rivet's Dragon Tag and Dragon View
    products.
--  CrossTag™ XBRL Creator, a web-based, collaborative document
    conversion and tagging solution that uses workflow and an advanced user
    interface to control and track the entire XBRL document creation and review
    process. CrossTag is designed to help preparers handle XBRL terminology,
    and to automate and streamline the tagging of text, such as with notes to
    financials or mutual fund prospectuses.
    

"Rivet enthusiastically supports this latest action by the SEC Commissioners and applauds Chairman Christopher Cox who has been an outspoken visionary of the new global standard for sharing business and financial information," said Michael Rohan, president of Rivet Software. "As the global community continues to march towards one standard, we will continue to build proven solutions based on the XBRL standard that meet the needs of filers and investors."

Rivet has been working closely with the SEC and XBRL U.S., who have recently announced the completion of the U.S. GAAP taxonomies. The company has prepared and tested new versions of its products to support these new taxonomies and to help preparers to easily file XBRL documents. All new Rivet products are designed on a foundation of more than four years of development, testing and extensive use by SEC filers and others.

Dragon Tag 3.0 and Dragon View 3.0: Developed for corporations, assurance professionals and filing service providers who will be impacted by the proposed SEC interactive data requirement, Dragon Tag 3.0 and Dragon View 3.0 provide enhanced functionality and full support for the new U.S. GAAP taxonomies as well as most internationally recognized public taxonomies.

Mutual Fund Risk and Return Viewer: An online viewer to display prospectuses filed with the SEC in interactive data format, the Mutual Fund Risk and Return Viewer enables users to easily compare and contrast fund objectives, risk and prior and prospective returns.

Financial Statement Viewer: Rivet Software built the original interactive data viewer for the SEC in April of 2007, and just delivered a revised version to display financial statements based on new U.S. GAAP taxonomies. All of the viewers produced by Rivet for the SEC are available as open source software.

Dragon Tag and Dragon View Open Source: Rivet has released the new versions of Dragon Tag and Dragon View with open source licenses for free use, modification and distribution by other companies. Unlike many open source providers, Rivet has released the full and complete versions of Dragon Tag 3.0 and Dragon View 3.0 into open source. Rivet will continue to offer fully supported commercial versions of its products, but the company offers its open source products with full functionality to encourage end-users and software developers to embrace interactive data and the XBRL standard.

CrossTag: Rivet also announced a new product, CrossTag™ XBRL Creator. CrossTag is a web-based, collaborative document conversion and tagging solution that completely shields typical preparers from the complexity of XBRL. CrossTag was first demonstrated in May of 2007, and released for beta testing (as Project Genesis) in October of 2007. The product allows non-technical users to easily convert financial statements, prospectus and other business information, including notes, text and comments, into XBRL documents.

Support and Services: Rivet provides a full range of support and services for users, including SEC filers, filing service companies, investors, regulators and private companies. Rivet team members that provide customer support, training and other advice have backgrounds as accountants, CPAs, financial analysts and similar professionals.

Availability: Dragon Tag 3.0 and Dragon View 3.0 are currently available for beta use and will be generally available in June of 2008. Open Source versions of these products are currently available at RivetSoftware.com and sourceforge.net. CrossTag will be available for beta use as a hosted or locally installable application in Q2 2008. SEC viewers are currently available on the sec.gov public web site.

About Rivet Software:

Rivet develops innovative, easy-to-use Financial Communications and Analysis software, including XBRL creation and viewing applications, and Crossfire® Analyst, a web-based financial aggregation, analysis and publishing solution designed for accounting, finance and other business users. Rivet Software, based in Denver, Colorado, supports its products with training, user assistance and consulting services. Rivet has provided software and assistance to over half of the filers in the SEC Voluntary Filing Program. For additional information, please visit www.rivetsoftware.com.

© 2008 Rivet Software, Inc. All rights reserved. Rivet, i-Fi, Crossfire, CrossTag, DragonTag and DragonView are either registered trademarks or trademarks of Rivet Software, Inc. in the United States and other countries. XBRL is a registered trademark of XBRL International, Inc. All other trademarks are the property of their respective owners.

Contact Information

  • Media Contacts:
    Felicia Mowll
    Ogilvy Public Relations Worldwide
    +1-212-880-5244
    Email Contact

    Christy Rohrs
    Rivet Software
    +1-720-249-2100
    Email Contact