Thursday, June 24, 2010

UBmatrix Merges With EDGAR Online

Redwood City-based UBmatrix, a provider of XBRL handling software, and competitor EDGAR Online, said today that the two are in a definitive merger agreement. According to the two, the all-equity transaction will issue preferred and common stock of EDGAR Online 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 will become a wholly owned, standalone unit of EDGAR online, headed by UBmatrix President and CEO Sunir Kapoor. UBmatrix was venture backed by Draper Fisher Jurvetson and The Meteor Group.