Oct. 14–Norwalk-based Edgar Online Inc. is debuting a new, advanced version of its Edgar Online Pro service to provide expanded regulatory information to clients, along with a new focus on servingthe financial services market. Edgar Online’s primary business is supplying clients with regulatory filings made by public corporations with the Securities and Exchange Commission.
The enhancement to Edgar Online Pro will give subscribers real time access and historical profiles on initial and secondary public offerings. Information will include company, underwriter, auditor views, a calendar and post-offering performance.
The new version includes data on insider trades and intents to sell, as well as equity holdings from more than 2,200 institutional investors indicating asset management strategies.
Subscribers can compare financials across multiple companies and industries. Included are five years of annual and 16 quarters of standardized financial information (from income statements, cash flow statements, and balance sheets) and more than seven years of as reported financials. Subscribers can search millions of SEC documents by 18 criteria. Also included are international annual and interim reports from more than 18,000 companies and 69 countries.
Subscribers can move from one company dataset to another through a new ticker search that can span all data channels on Edgar Online Pro, the company said.
“We are now even more focused on driving value for our core customers – professionals in the financial services market. By combining meaningful historical and time-series data with easy-to-use analysis tools, we are taking the first steps to put our new strategy in action,” said Susan Strausberg, chief executive officer and president of Edgar Online.
Complex fundamental, ownership, initial public offering and secondary offering datasets and advanced search tools, previously offered only to large enterprises as part of its Edgar Online Explorer product, are now available to more than 8,000 subscribers to the company’s Edgar Online Pro service.
Coinciding with the release of the new program, the company expects to add staff to its existing subscription sales force, Edgar Online said.
The Norwalk company’s clients are financial services companies, including investment bankers, asset managers, credit risk managers, compliance officers, hedge fund managers and market data professionals. Development of the expanded service is necessary as Edgar Online meets the requirements of its clients, said Michael D. Smith, an analyst with Oppenheimer & Co.
“It’s a natural evolution to improve the product and keep the competition at bay,” Smith said. “They are a recognized brand name for data. They have contracts with some of the largest investment banks. They make it a lot easier so people like me can go in and get stuff.”
The new system weeds through many pages of SEC information to provide clients with essential information, said Jay Sears, Edgar Online spokesman. “An original filing may be hundreds of pages. Our customers may not want to go through hundreds of pages,” he said.
Edgar Online’s new focus on the financial services market will streamline the company’s operations, increase product development efficiencies and allow for more targeted marketing, said Strausberg,.
Edgar Online will provide more details about the new strategic focus in the company’s third quarter earnings call on Oct. 28. In July, Edgar Online reported its first positive quarterly net income at $23,000 for the quarter ending June 30, compared with a net loss of $379,000 for the same quarter in 2002.
Strausberg attributed the improvement to efforts to increase sales of subscriptions.
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