Thursday, June 24, 2010

UBmatrix Merges With EDGAR Online

UBmatrix, a Silicon Valley firm with its roots in Bellevue, Washington, has merged with competitor EDGAR Online. The firm, which develops XBRL handling software used by companies filing information with the SEC, still operates a development center in Bellevue, in addition to locations in Redwood City, California and India. The deal is an all-equity deal, where EDGAR Online will issue preferred and common stock to UBMatrix equal to approximately 16 percent of the firm's common stock. UBmatrix shareholders have also agreed to invest an additional $2M into the company through purchase of additional EDGAR Online preferred shares. UBmatrix was venture backed by Draper Fisher Jurvetson and The Meteor Group.