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Rivet Software Gets SEC EDGAR Upgrade Contract

The Securities and Exchange Commission has awarded a contracts worth $54M to upgrade the EDGAR electronic filing system, the commission said Monday, including a $500,000 award to Colorado-based Rivet Software. Rivet has been awarded a grant to develop tools to make it easier to view data in the SEC's system, which is used by public companies to file their annual and quarterly reports and other information. According to the SEC, the tools Rivet and the other firms develop will be available to the public free of charge. The major portion of the SEC's grants went to Keane Inc. XBRL is a financial reporting format designed to make SEC filings easier to parse, and is currently used by companies to file reports with U.S. banking regulators.