has developed a new product to help investment management companies convert traditional financial reports and documents into the interactive data format being promoted by the SEC. The new product, christened Genesis
, addresses the needs of SEC filers concerned with the XBRL learning curve and the time and effort required to prepare interactive data filings.
Rivet Software, a leader in interactive business software solutions, today announced a new and innovative product to help investment management companies convert traditional financial reports and documents into the Interactive Data format being promoted by the U.S. Securities and Exchange Commission (SEC). The new product is the result of a project (codenamed Genesis) to create a Web-based, collaborative tagging solution that completely shields preparers from the complexity of Interactive Data (XBRL).
Genesis addresses the needs of SEC filers concerned with the XBRL learning curve and the time and effort required to prepare Interactive Data filings. Rivet's new solution will dramatically reduce the effort required by mutual funds and other investment companies to submit prospectus and financial filings to the SEC. On September 13, 2007, Rivet and its strategic partner Bowne & Co. prepared and submitted the Risk Return XBRL filing for the John Hancock Bond Fund using the Genesis solution.
"This is truly a next-generation product purpose-built to meet the unique reporting needs of mutual funds and investment management organizations," said Mike Rohan, president of Rivet. "It will also integrate with Rivet's Crossfire reporting and analytic platform to enable funds and investors to easily compare performance, risks and objectives within a mutual fund family and between different mutual funds."
Genesis provides a friendly, drag and drop environment that is designed for non-technical users and will easily convert documents from sources such as Microsoft® Excel, Word, and PDF documents into XBRL format. It optionally provides role-based workflow that maintains a complete audit trail of every activity related to a filing, tracks changes made by each user and guides filing companies and auditors through a comprehensive, yet easy to understand, process. In addition, Genesis creates a "smart template" that can be re-used for subsequent filings of a document with very little effort.
Genesis delivers compelling solutions for the investment management community through support of the Risk and Return taxonomy (developed by the Investment Company Institute) as well as filings using the Investment Management (IM) taxonomy, designed for financial reports and portfolio of investments. The SEC now allows mutual funds to submit prospectus information containing fund objectives, strategies, risks, performance and expenses in Interactive Data format, making it easier for investors to compare this information between funds.
Although Genesis employs a new and unique user interface, much of the internal processing related to XBRL is shared with Rivet's popular Dragon Tag® XBRL Extender and the Crossfire® Analytic Suite. This foundation provides Genesis with the maturity and stability of extensively used and well-tested products. Rivet's professional services staff is currently using the Genesis product internally to provide XBRL markup services for mutual funds. The product will be available for use by external beta users in this quarter and will be generally available in Q1 of 2008 on a hosted or stand-alone basis.
Rivet will work closely with its strategic business partners in preparing filings for submission to the SEC and for access to the product upon its general release. Those business partners include leading firms in the financial printing and news wire markets including Bowne & Co., CCH, Capital Systems, Canada Newswire, Marketwire and PR Newswire.
About Rivet Software:
Based in Denver, CO, Rivet Software is an innovator in developing effective and easy-to-use financial analytics and interactive business solutions. Rivet's suite of interactive financial applications combines this new collaborative web-based markup solution and Rivet's popular Dragon Tag® XBRL Enabler and Dragon View® XBRL Viewer with the server-based Crossfire® Analyst product to provide interactive data support throughout the entire reporting supply chain. All Rivet Software products adhere to the XBRL global reporting standard and work with the de facto standard desktop software, Microsoft® Excel and Word. For additional information, please visit www.rivetsoftware.com.
© 2007 Rivet Software, Inc. All rights reserved. Rivet, i-Fi, Crossfire, Dragon Tag and Dragon View are either registered trademarks or trademarks of Rivet Software, Inc. in the United States and/or other countries. XBRL is a registered trademark of XBRL International, Inc. All other trademarks are the property of their respective owners.
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