EDGAR Online, Inc. (EDGR: NASDAQ) Enlists the Help of a Private Equity Veteran

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EDGAR Online, one of the fastest growing companies in the information technology

industryproviding XBRL financial services and distribution of company data and regulatory filings for public companies, announced that John Connolly will take over as interim president and chief executive officer. He will be succeeding Philip Moyer who has decided to resign quoting "personal reasons"

EDGAR is the only company in the country that owns a XBRL database of U.S. publically traded companies and mutual funds. The company employs a sophisticated method in converting corporate financial data to the XBLR format.

Connolly, a former operating partner at Bain Capital, joined the board of directors of EDGAR in January 2010 following a $12M investment made by the famous private equity firm. Phillip Moyer has landed himself a spot on the advisory board for EDGAR.

Connolly demonstrates extensive operational experience since serving as the President and CEO of Institutional Shareholder Services (ISS), a consultancy that provides solutions in corporate governance, compliance and risk management.

Prior to ISS, Connolly founded Mainspring Inc., a strategic consulting firm catering to Fortune 100 companies, eventually taking Mainspring public. In 2001, IBM purchased Mainspring, resulting in Connolly joining the technology behemoth as Global General Manager of their financial services business consulting practice.

"The Board, management and I are excited about moving forward and building EDGAR Online into the leading provider of XBRL software, services and data solutions," Connolly said. "We remain fully committed to the merger with Beatrix. Together we will broaden our reach into additional markets and add world-class partners, which will accelerate our delivery of XBRL products and services to improve the transparency and efficiency of business information exchange for filers, regulators, analysts and investors."

Last month, EDGAR posted a second quarter loss even as revenues increased. Total revenues for the six months ending June 10 2010 grew by $0.6M compared to the same period last year. The company posted net revenue of $9.4M for the ending the first six months of 2010, compared with $8.8M for the first six months of 2009.

The company said the increase in revenue was attributable to the XBRL filings business. Of course, with a new line of business come new costs, resulting in a loss for the quarter.

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EDGAR Online, Inc. (EDGR: NASDAQ) Enlists the Help of a Private Equity Veteran

By: Ronald Russo

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