Rivet Software Recognized for Rapid Growth and Contributions to Overhaul Financial Info. Reporting
Wednesday, May 19, 2010
Posted by: Su Hawk
CSIA Note: Member company Rivet Software identified XBRL as a key trend for public companies and is experiencing great success because of their forward-thinking progress. In addition to the information below from Rivet, please vist their site to view a May 11 interview with KUSA-TV Business Reporter Gregg Moss and Rivet Software CEO Patrick Quinlan.
Rivet Software Announces Company's Success
Denver, CO– May 13, 2010 – Rivet® Software, a Denver-based company pioneering the future of global financial communications, today announced the company's recent success, which included the hiring of nearly one hundred software development, accounting and finance professionals in Denver over the past year and plans to hire another 40 professionals immediately. The company's explosive growth is fueled by key partnerships and the company's direct sales success, resulting in more than a 50% increase in new business. The company was joined by Colorado Governor, Bill Ritter, in the celebration of its success and accomplishments in bringing greater financial transparency to the global business community.
In response to several major corporate bankruptcies in the past few years, the U.S. Securities and Exchange Commission (SEC) mandated that all public companies use eXtensible Business Reporting Language (XBRL) for their financial disclosure by 2011. Rivet Software anticipated and pioneered the benefits of XBRL over 15 years ago. Today, the company provides public companies with the ability to easily collect, analyze and disseminate financial data, creating greater financial transparency throughout the financial community. Over 150,000 hours went into developing Rivet Software's platform, which provides easy-to-use tools and support for XBRL document creation, review and filing.
"With the SEC mandate for XBRL filings, companies have a more urgent need for a powerful, easy-to-use solution to assist with their internal and external financial reporting and analysis," said Patrick Quinlan, CEO of Rivet Software. "We continue to extend our market leadership by bringing the industry's top XBRL solution to even more companies. The Crossfire Reporting Platform simplifies the regulatory compliance process which is difficult and time-consuming for public companies."
Over 100 Fortune 500 companies have used a Rivet Software product to complete their SEC filings. Rivet Software has worked with both the SEC and filers within the SEC's XBRL filing program since its inception. The second phase of mandated XBRL filings to the SEC begins for all large accelerated filers this June. By June 2011, all remaining publicly-traded companies will be required to conform to the standards, with criminal charges pending for those that do not use XBRL to file or fail to submit proper paperwork.
Individuals interested in working at Rivet Software should visit http://www.rivetsoftware.com/company/career.aspx for more information on the specific open positions.
About Rivet Software:
Founded in 2002, Rivet Software (http://www.RivetSoftware.com) is headquartered in Denver, CO, and is the developer of XBRL solutions for financial communications. A pioneer in the development of automated reporting platforms, Rivet's software gives public and private companies the fiscal transparency needed to conduct business, account for revenue and expenses, audit activities and meet disclosure for the government and shareholders alike. Leading the evolution of global financial communications, Rivet empowers business users with control over the collection, analysis and dissemination of business and financial information.