EdgarOnline (NASDAQ:EDGR) has selected SunGard for business process outsourcing (BPO) services to expand its current XBRL (eXtensible Business Reporting Language) filing creation capacity.
SunGard will provide end-to-end services associated with companies' creation of financial filings in XBRL as mandated by the Securities Exchange Commission (SEC). In 2011, all public companies and all mutual funds reporting to the SEC will be required to submit XBRL documents. XBRL is an international business reporting standard currently mandated by certain securities, banking and tax regulators across the world.
SunGard will work with EDGAR Online, a leading provider of XBRL solutions, to increase EDGAR Online's capacity to help companies provide high quality XBRL documents that comply with SEC mandates. EDGAR Online provides XBRL software, services and data solutions that help improve the flow of business information. EDGAR Online delivers its services through a number of leading financial printers and other partners.
Using EDGAR Online's proprietary software and leveraging EDGAR Online's expertise in XBRL and the SEC mandate, SunGard will support the business process around XBRL-based document creation. SunGard Global Services will deliver these BPO services predominantly from its solution centers in India.
Diana Bourke, chief operations officer of EDGAR Online, said, "We selected SunGard to help enable the growth of our US and international businesses. SunGard demonstrated the long-term vision and strategy on a global basis and will provide scalability and efficiency through a global delivery model. SunGard's footprint in the financial services space can offer us the opportunity to collaborate with it on other XBRL-based projects."
Kalpesh Master, managing partner, SunGard Global Services, said, "EDGAR Online's selection of SunGard underscores our continued support of our customers' growing regulatory and compliance requirements. With XBRL as the mandated format for SEC filings, our work with EDGAR Online will help its clients transform static reporting documentation into a more dynamic electronic format that provi provides the SEC and other regulatory bodies a more efficient process of reviewing public companies' financial history for enhanced data analytics. We are pleased that EDGAR Online is using SunGard's global BPO offering to support its core XBRL business processes."