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UPDATE 1-EDGAR Online to buy XBRL software provider UBmatrix
June 24, 2010 / 3:44 PM / 7 years ago

UPDATE 1-EDGAR Online to buy XBRL software provider UBmatrix

* Deal expected to close in Q3

* UBmatrix shareholders to invest additional $2 mln

* Kapoor to remain President of UBmatrix

June 24 (Reuters) - EDGAR Online Inc EDGR.O, a distributor of company data and public filings for equities and other publicly traded assets, said it is acquiring privately held XBRL software provider UBmatrix in a all stock deal.

Including the United States, regulators in other countries like Australia, China and Japan are adopting the XBRL format as a standard for regulatory compliance.

The deal will help position the company to provide global markets with XBRL-based solutions from issuers to regulators to investors.

Under the deal, EDGAR Online will issue common and preferred shares equal to about 16 percent of its common stock. Current UBmatrix shareholders have agreed to invest an additional $2 million in cash through the purchase of additional EDGAR Online preferred shares.

UBmatrix will become a wholly-owned subsidiary of EDGAR Online and UBmatrix’s Chief Executive Sunir Kapoor wll remain as president of the merged entity.

The deal is expected to close in the third quarter.

Shares of EDGAR Online were trading up about 8 percent at $1.40 in morning trade on Nasdaq. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Prem Udayabhanu)

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