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Denver-Based Tech Company Experiences Explosive Growth in 2010
Rivet Software Takes Lead in XBRL Financial Reporting Niche with 315% Market Share Growth
By: Tina Riffe
In 2010, Rivet closed out Q1 as the fifth-largest XBRL software and service vendor. The company finished Q4 as the leading provider, capturing more than 28% market share.
“It was an amazing year for Rivet, by any standards,” said VP of Business Technology and Co-founder Emily Huang. “But it’s only the beginning of realizing our long-term objectives of helping companies use XBRL data for powerful business intelligence.”
Rivet created 873 XBRL financial filings in 2010, more than 22% of all submitted to the SEC last year. Fifteen tech companies competed for this space, several of which were merged or acquired throughout the year. An updated list of all XBRL files submitted to the SEC is available through the third-party source: XBRL Cloud EDGAR Dashboard.
To support the increase in clientele, as well as expanded product and service offering, Rivet’s workforce more than quadrupled in 2010. The core client service team is comprised of XBRL technologists, software developers, CPAs, accountants, and other financial experts.
There were a number of key appointments and transitions to Rivet’s executive team in 2010, including Patrick Quinlan’s promotion from president to CEO in January. Roger Siboni joined Rivet’s board of directors mid-year, and Barry Capoot was named CFO in early November.
In 2010, Rivet released three major upgrades for core technology product, Crossfire Financial Reporting Platform, including a version created specifically for mutual fund financial reporting. In December, the very first risk/return summary for a mutual fund company was created and submitted to the SEC utilizing this product.
Additional milestones for Rivet in 2010 include providing the SEC with analytics software to examine and evaluate files submitted to the agency in XBRL format. This technology makes it easy to compare and analyze data across industries, SIC codes and more.
Rivet has worked with the SEC on a number of projects in the past, and developed the technology used to power the SEC website’s rendering engine that enables viewing of XBRL financial reports.
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Rivet Software is the leading provider of XBRL products and services to help companies comply with SEC financial reporting standards. This privately-owned tech company based in Denver and works with 25% of all Fortune 500 companies.