EDGAR Online, PricewaterhouseCoopers in Agreement toMarket XML Data from EDGARSCAN; Future XBRL EnhancementsExpected.
Business Editors
SOUTH NORWALK, Conn.--(BUSINESS WIRE)--April 24, 2000
EDGAR Online (NASDAQ: EDGR) and PricewaterhouseCoopers announced today they have signed an agreement that will give EDGAR Online the exclusive right to market the XML-based output of the popular EDGARSCAN software developed by PricewaterhouseCoopers.
EDGARSCAN, which is currently available only via the PricewaterhouseCoopers Web site (www.pwcglobal.com), is the state-of-the-art technology for parsing financial data from SEC documents filed by public companies. EDGARSCAN, for which PricewaterhouseCoopers has sought patent protection, is used by accountants, financial analysts, and other professionals to extract and analyze income statement, balance sheet and cash flow data from EDGAR documents. The agreement will enable EDGAR Online to create XML data feeds using EDGARSCAN and to sell the feeds directly to high volume users who want to use this data on their Intranets and for internal analytics.
XML (extensible markup language) is a Web-based system that uses tags to describe data. It is a common way for disparate information systems to exchange specific data over Web-based platforms. EDGAR Online and PricewaterhouseCoopers anticipate their agreement will be extended to include data using the XBRL (extensible business reporting language) standard for online financial reporting recently introduced by a consortium of more than 30 companies and financial organizations.
Commenting on the agreement, Susan Strausberg, CEO of EDGAR Online, said, "PricewaterhouseCoopers has, in EDGARSCAN, the best available solution to locating and extracting financial data from EDGAR documents. We believe that together we can bring this technology to the attention of a much broader audience, while at the same time creating the commercial features that will make it easier to use."
"EDGAR Online provides PricewaterhouseCoopers with an expanded distribution channel and commercialization of our EDGARSCAN technologies that will lead to broader use of EDGARSCAN in the market," added Keith Wishon, partner and Global ABAS CIO/CKO of PricewaterhouseCoopers. "This remarketing agreement of the parsed XML data feeds from EDGARSCAN is hopefully only the beginning of products that users might expect in this area."
About EDGAR Online, Inc.
