NEW YORK: Edgar Online got an injection of $12 million as Boston-based Bain Capital Ventures agreed to purchase 120,000 convertible Series B preferred stock in the company. Edgar's automated distribution services facilitate companies' compliance in financial data reporting. It also provides databases, tools, and analysis to the financial community, such as historical SEC filings. The company has invested heavily in the SEC-mandated XBRL reporting standard, and it said this new funding would further those goals.
“We are excited by the growth opportunity this investment by Bain Capital presents to our company, our customers, and our shareholders,” said Philip Moyer, CEO of Edgar Online, in a statement. “This investment accelerates our ability to scale in support of the growing demands we see in our XBRL filings business and to deliver the next round of innovation we believe is needed in our data and subscriptions businesses."