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paidContent - Edgar Online Hires Bank To Get Investment For Its XBRL Efforts

This story was written by Rafat Ali.

Edgar Online (NSDQ: EDGR), the publicly traded financial information service, has hired a bank—The Jordan, Edmiston Group—to help it get strategic investments to boost its efforts in XBRL, the open data standard for financial reporting that it has pioneered and now been adopted by SEC. This is not a sale of the company. The announcement came today in Edgar’s Q209 earnings call, where it mentioned the hiring of the bank for strategic partnerships and money raise, and said it has engaged in preliminary discussion.

For Q2, it had revenues of $4.6 million and adjusted EBITDA of $553K, compared to revenues of $4.9 million and adjusted EBITDA of $210K in Q208. In Q209, its XBRL filings revenues were $768K, a 141 percent increase from the same quarter last year (that’s because SEC just mandated that companies will have to filed their 10-Qs in XBRL format starting quarter ending June 15th this year). More details on Edgar’s earnings here.

By Rafat Ali

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