Today at the XBRL International conference in Madrid,
UBmatrix, a leading provider of software and services leveraging the
global XBRL standard, announced the upcoming launch of xBReeze(TM) the
first-ever online platform dedicated to XBRL-based data exchange.
Pointing to the success of open source software development in other
industries, UBmatrix will offer complimentary use of its software
products to open source taxonomy project teams via the new hosted
software service: xBReeze(TM) Open Source Edition. xBReeze is due to
launch on June 30th, 2006.
xBReeze(TM) Open Source Edition -- as well as the Professional
Edition which will be dedicated to proprietary taxonomies -- supports
standards committees, academic groups, or any team of domain experts
that wish to design and publish XBRL taxonomies.
"It is clear that the adoption of XBRL will be accelerated by the
existence of high-quality, useful business taxonomies," remarked Sunir
Kapoor, President and CEO of UBmatrix. "The market has demonstrated
that open source is an ideal way to speed software development,
enhancement and customization; UBmatrix has the best tools to support
XBRL taxonomy developers. By making our tools available at no charge
to any open source developer using xBReeze, we believe a large number
of new taxonomies will soon be under development. In fact, we've
already started conversations with potential project sponsors who are
interested in joining our beta program."
"The industry has lacked a complete set of XBRL taxonomy lifecycle
management tools as well as a central online destination for
development team collaboration," commented Stefan Chopin, Chief
Technology Officer with EDGAR Online. "Because the UBmatrix
announcement addresses both of these needs, XBRL project teams around
taxonomies such as government accounting standards, non-profit
reporting, tax reporting, corporate performance scorecards, and
anything else where XBRL can make reporting easier should take a close
look at the xBReeze solution."
xBReeze(TM) is a fully hosted, collaborative application
supporting distributed development and tracking of taxonomies,
taxonomy extensions, business rules, and other XBRL resources.
Launching in conjunction with xBReeze will be an "xBReeze Aware"
version of UBmatrix XBRL Taxonomy Designer (formerly called Automator)
that seamlessly interacts with the xBReeze taxonomy management
service.
Using xBReeze(TM) Open Source or Professional Edition, teams can:
-- Manage the full taxonomy lifecycle, from creation to
publishing
-- View and participate in discussion forums
-- Track taxonomy versioning and auditing
-- View change history
-- View and edit taxonomy properties down to the concept level
-- Define data series
-- Create instance documents from your taxonomy
-- Test concepts, relationships, business rules, and more
-- Run "what-if" scenarios to build strong, effective content and
analytic models
-- Manage access controls for users and roles
-- Publish your taxonomy to submitters
"As a non-profit organization, and one focused on providing
visibility to an underserved part of the market, we hail the UBmatrix
open source initiative," remarked John Romano, Executive Director of
the International Open Finance Association Inc. "We see open source as
very consistent with the intentions of XBRL International, and believe
it will result in an active marketplace of new taxonomies for sharing
business data. Personally, we are excited to initiate an open source
taxonomy project designed around Direct Public Offerings. This is a
welcome development."
Other corporate reporting domain experts are getting behind the
UBmatrix open source push. "We see open source development as a great
way to ignite the use of XBRL for financial and other kinds of
reporting," commented Mr. Peter Horsburgh, President and CEO of
Alluvion, Inc. His company's expertise in tax, regulatory and
corporate financial systems makes them an ideal leader for an open
source project devoted to corporate tax reporting. "Many in the tax
world have been eyeing XBRL as an improved method for sending and
receiving tax data. We are confident that with our company's
expertise, combined with that of other experts around the US, we can
spearhead the development of an open source corporate tax reporting
taxonomy to aid in the standardization of tax data shared within
corporations, and among their auditors and service providers."
UBmatrix offers the industry's most robust XBRL taxonomy design
and management tools, as well as the application suite behind the most
successful -- and visible -- XBRL regulatory reporting project to date
at the United States FFIEC (Federal Financial Institution Examination
Council). The company's solutions help organizations improve
operational efficiency, gain cost savings, reduce risk, achieve
greater data integrity, align business strategy with day-to-day
execution, and enhance relationships with customers and partners.
In addition to the Open Source and Professional Editions for XBRL
taxonomy development, xBReeze will offer both an edition supporting
compliance reporting for European banking institutions and a hosted
regulatory reporting system similar to the one UBmatrix has
implemented at the US FFIEC. Called xBReeze Reporting for COREP/FINREP
Compliance and xBReeze Regulatory Edition, respectively, both
solutions are dedicated to aiding data exchange using XBRL.
More information about xBReeze(TM) can be found at
www.ubmatrix.com/xbreeze/. For those interested in our beta program or
who wish to sponsor an open source taxonomy project once xBReeze goes
live, please visit www.ubmatrix.com/xbreeze/, select "Contact Us," and
provide us details about your project.
About UBmatrix
UBmatrix provides a platform and application solutions for making
data portable; freeing data from the applications which originally
created it. Offering both licensed software and software as a service
on the Internet, UBmatrix solutions help automate the process of
exchanging information using eXtensible Business Reporting Language
(XBRL), the next evolutionary stage of XML. Using our platform,
organizations can move data freely among applications within an
enterprise, between business partners, and to regulators without
losing the semantic meaning of the data. Benefits include increased
operational and financial transparency, cost savings in sharing data
both inside and outside the organization, and greater confidence in
reporting accuracy and regulatory compliance.
UBmatrix has been committed to XBRL since 1998. We are recognized
worldwide for our thought leadership, technology, and customer
commitment.
UBmatrix is a privately held corporation headquartered in
Kirkland, Washington, USA and venture-backed by Draper Fischer
Jurvetson. UBmatrix can be reached at 425-285-0200 or
www.ubmatrix.com.
