XPI, an Ontario-based provider of online solutions for corporate disclosure research, has raised C$3 million in VC funding from existing shareholder BEST Funds.
XPI, a leading provider of online solutions for corporate disclosure research, today announced that it has secured a $3.0 million round of investment from The Business, Engineering, Science & Technology Discoveries Fund and BEST Total Return Fund (together as “BEST Funds”). This second investment by BEST Funds is a key testament to the confidence placed in the company’s visionary management team and its ability to grow the company to meet the ever-increasing demand for DisclosureNet, its security filings research solution that is redefining corporate disclosure research.
The investment comes on the heels of the company setting a record in March 2010 for the highest monthly sales of DisclosureNet in the company’s history and recognizing 4 months of continued and accelerated business growth. The increased growth is attributed to amplified demand for DisclosureNet 5—the latest version of the popular online, public company research solution—and the availability of DisclosureNet IFRS, a key resource for professionals assisting companies with their IFRS transition. The newest edition, DisclosureNet Team, offers unique, collaborative capabilities which help to further solidify DisclosureNet’s market-leading position.
“With the growth that XPI has experienced over the past year and the continued, growing adoption of DisclosureNet, it is clear that XPI’s creative and innovative solutions are well received in the marketplace,” said John Richardson, CEO of BEST Funds. “Our decision to invest in the company a second time demonstrates our confidence in the XPI team and our firm belief that that DisclosureNet is on track to becoming the unequivocal leader in the security filings research space.”
The infusion of investment funds will be utilized to strengthen the organization’s operations while expanding its sales and marketing efforts internationally. This boost will also ensure that XPI can continue to meet the escalating demand for DisclosureNet—its flagship disclosure research solution that enables professional users to search, mine and monitor public company information filed on the SEC EDGAR database in the United States, SEDAR and SEDI in Canada and documents filed in the UK.
“We are very excited to close a second round of investment from BEST Funds,” said Peter Kaju, CFO of XPI. “We have experienced a year of unprecedented growth and set a record for DisclosureNet sales in the past 4 months. These milestones are evidence that we are on the right trajectory and with this additional investment, we are confident that we can continue to meet the rising demands of the marketplace.”
DisclosureNet 5 is the latest, most powerful version of the popular corporate disclosure research solution, currently used by over 15,000 professionals in more than 400 organizations. It simplifies the online research process for users to search, mine and monitor public company disclosure documents filed on EDGAR in the US, SEDAR and SEDI in Canada and documents filed in the UK.
DisclosureNet IFRS aids professionals who are preparing or assisting clients with their IFRS transition by providing them with fast and easy access to thousands of IFRS examples from North America and the UK. Access to IFRS examples is critical to the success of accounting, legal or other companies that are faced with the challenges presented by the IFRS transition. DisclosureNet IFRS also provides users with access to the International Financial Reporting Interpretations Committee’s (IFRIC) interpretations of IFRSs and the International Accounting Standards Board’s (IASB) basis for conclusions.
With the Team edition, DisclosureNet introduces unprecedented, collaborative research capabilities to legal, financial, investment and corporate enterprises. The Team edition’s industry-changing capabilities— including research sharing, custom content tagging, group content distribution and portal integration—are redefining disclosure research for corporate enterprises by improving productivity and knowledge management.
XPI is an innovative, technology company committed to building a global disclosure network that facilitates the process for timely, secure, and compliant creation, dissemination and analysis of public company information. DisclosureNet enables users to search, mine and monitor—through real time alerts and RSS feeds—specific corporate disclosure documents filed in the United States via EDGAR, in Canada via SEDAR and SEDI, and those filed in the UK. With widespread adoption reaching over 400 clients and 15,000 professional users, DisclosureNet has become the online research tool of choice for accounting, corporate, investment, legal and regulatory market users. Visit www.disclosurenet.com for more information.
About BEST Funds
BEST Funds, a leader in the venture capital arena since 1996, focuses on rapidly growing Canadian companies, where new technology can fundamentally change the way people conduct business or enjoy their lifestyles. After identifying an emerging market that has tremendous growth potential, BEST Funds’ experienced management team then selects companies poised to be leading players in that market for the investment portfolio. The company’s extensive experience in the venture capital arena helps ensure that all of our investors partake in unique opportunities otherwise available only to high net worth and institutional investors. For more information, please visit www.bestfunds.ca