SOURCE: UBmatrix

May 05, 2008 15:13 ET

UBmatrix Powers Wolters Kluwer Italy's Launch of XBRL-Enabled Accounting Software for the Italian Market

Companies Integrate XBRL Technology Into Leading Accounting Product in Under Five Months

REDWOOD CITY, CA and KIRKLAND, WA--(Marketwire - May 5, 2008) - UBmatrix, Inc., the leading provider of XBRL information exchange solutions, and Wolters Kluwer Italy, a part of the leading global information services and publishing company, announced today the companies have successfully integrated XBRL functionality into Wolters Kluwer Italy's financial accounting software. By completing the integration in less than five months, Wolters Kluwer Italy becomes the first to offer XBRL-enabled balance sheet software in the Italian market and at a time when the Italian government is requiring some key financial reports to be filed in XBRL.

"By working with UBmatrix to integrate XBRL technology into Wolters Kluwer Italy financial reporting software, the company takes a giant competitive step. Wolters Kluwer Italy becomes the only company to offer its accounting packages with an XBRL reporting component," said Donatella Treu, chief executive officer, Wolters Kluwer Italy. "At a time when XBRL reporting requirements and capabilities are coming online, having XBRL reporting products allows Wolters Kluwer Italy to offer our customers something competitors do not, instance XBRL capabilities and compliance."

"Typically, an integration comparable to this would take a year or more, but with UBmatrix and XBRL it took just weeks. We were quite surprised at how easily and efficiently the integration went," said Efrem Tonioni, Wolters Kluwer Italy. "UBmatrix's experienced team provided us with the guidance and tools needed to quickly start the project. From conceptual design, through prototyping, to fully tested integration into our application took less than five months."

More than 5,000 Italian companies use Wolters Kluwer Italy balance sheet software and will benefit from the new XBRL reporting functions. Under the provisions of the Italian civil code, more than 850,000 Italian companies are now subject to a mandatory deposit of their approved Annual Financial Statements to the Italian Business Register in XBRL. Beginning in 2008, deposit of these Annual Financial Statements by listed companies and companies who prepare consolidated accounts in IFRS will file in XBRL format. The required use of XBRL is growing because it allows companies and regulatory agencies to more efficiently and effectively generate, aggregate, validate, exchange and analyze business and financial information, and comparability of the information that companies use to make decisions.

"XBRL is rapidly becoming the international standard for financial information reporting and exchange," said Sunir Kapoor, chief executive officer, UBmatrix, Inc. "We expect broad and growing customer demand for XBRL solutions, and see our partnership with Wolters Kluwer Italy as an opportunity to help broadly meet that market demand for XBRL software."

"The cooperation between UBmatrix and Wolters Kluwer Italy really sets the bar for a successful partnership," said Thomas Reinemer, Vice President Business Development. "Wolters Kluwer Italy assigned a dedicated team to the project and took advantage of our experience and XBRL tools. After the initial architectural discussions and design, the Wolters Kluwer Italy team really led and accelerated the development and integration into the software product."

For further information on the business applications and value of XBRL processing engines, download a free whitepaper at www.ubmatrix.com/downloads/processing_engine.pdf

About Wolters Kluwer Italy

Wolters Kluwer Italia is part of Wolters Kluwer, a leading global information services and publishing company. In Italy the company has achieved leading market positions in all our main markets: fiscal, financial, legal, employment law and health and safety professionals offering its content, software and services in all kind of formats: data banks, On Line, Books, Magazines etc. distributed mainly by a huge network of independent agencies and resellers. These products are supported by seminars that help our customers make optimal use of our products. Wolters Kluwer Italia aims to provide the professional world with the most specialized solutions that help our customer to the information that meet their needs.

Wolters Kluwer Italia employs 1,100 people and is the leading player in the Italian professional information market being the only player in the market that currently is capable of offering smart tools and smart solutions.

About UBmatrix

UBmatrix, Inc. is the leading provider of XBRL-based information exchange solutions for global organizations and enterprises allowing them to more efficiently and effectively address the challenges of business and financial information management, exchange and reporting. XBRL is fast becoming the standard for financial information exchange and reporting demonstrated by the XBRL programs being driven by the SEC, FDIC and the European Central Bank Supervisors. UBmatrix XBRL solutions increase operational efficiency and financial transparency, and ensure reporting accuracy and regulatory compliance. UBmatrix is based in Silicon Valley with development centers in Kirkland, WA, and New Delhi, India. For further information, visit www.ubmatrix.com

Contact Information

  • For further information, contact:

    Dan Cahill
    (917) 617-0106 Mobile
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