Denver-based Rivet Software on Monday announced it has won two contracts to help modernize the U.S. Securities and Exchange Commission’s financial reporting system.
Rivet will share a $48 million contract with – among others – Keane Inc., Microsoft Corp. and BearingPoint Inc. It’s unclear how large a slice each company will take.
“This is a revolutionary day for Rivet,” said Rob Blake, vice president of product marketing. “This is the largest contract we’ve been involved with.”
Rivet also won a $250,000 contract with its bidding partner, consultancy Unisys Corp. of Blue Bell, Pa.
Rivet, founded in 2003, will hire up to 10 workers, adding to its current roster of 20, Blake said.
Under the larger contract, Rivet will work with Microsoft to develop technology to modernize Edgar, the SEC’s system for collection and distribution of financial data. Investors and analysts can expect to see a change in the Edgar system within the next nine months.
The two companies will help develop technology to convert Edgar’s current text-based system to an interactive format that uses software code called XBRL.
The software allows investors and regulators to compare and analyze a public company’s financial records dating back years – all with a few keystrokes.
Wall Street on Demand, based in Boulder, also landed a contract to help modernize SEC reporting tools.
Staff writer Will Shanley can be reached at 303-954-1260 or wshanley@denverpost.com.
