A merger agreement between EDGAR Online, Inc., and UBmatrix, Inc. resulted in the creation of a global end-to-end provider of solutions for the creation, validation and analysis of extensible business reporting language (XBRL) content. Under the terms of the merger, UBmatrix will become a wholly-owned subsidiary of EDGAR Online.
EDGAR Online is one of the largest providers of XBRL data from the U.S. Securities and Exchange Commission. The deal could result in the transfer of nearly 11 million shares of common stock before Jan. 28, 2015. UBmatrix president and CEO Sunir Kapoor will remain in his current post, and UBmatrix board director Barry Schuler will join the board of EDGAR Online.