Dynaxys and UBmatrix Expand Partnership to Deliver XBRL Solutions to the Public Sector

SOURCE:

UBmatrix, Inc.

2008-07-24 15:32:00

Dynaxys and UBmatrix Expand Partnership to Deliver XBRL Solutions to the Public Sector

SILVER SPRING, MD and REDWOOD CITY, CA–(EMWNews – July 24, 2008) – Dynaxys, a provider of custom

accounting solutions and consulting services, and UBmatrix, the leading provider

of XBRL information exchange solutions, today announced an expansion of

their strategic business partnership to deliver XBRL solutions and services

to the public sector. The companies will also be participating at the

upcoming Association of Government Accountants (AGA) annual conference in

Atlanta, from July 27th to 30th, 2008.

“The potential for government entities to benefit from XBRL is staggering,”

said Lisa Miller,

president of Dynaxys, LLC. “Premier government regulators, which are at

the forefront of implementing technologies to gain efficiency and improve

their delivery of services, such as the Federal Deposit Insurance

Corporation (FDIC) and the Securities Exchange

Commission (SEC), have already turned to XBRL as a standard for

financial information reporting and exchange.”

The XBRL standard creates “interactive data” according to Christopher Cox,

Chairman of the SEC; such “interactive data” simplifies data exchange,

allows for easy comparability, improves accuracy and permits real-time

analysis.

The XBRL standard is being adopted worldwide in the private and government

sectors, with active programs at more than 550 organizations in 27

countries. XBRL adoption in the U.S. has taken a leap with the completion

of the U.S. GAAP Taxonomy and the SEC proposal to mandate financial filings

in XBRL. A variety of XBRL Pilot Programs are also in place or in

implementation at government agencies such as U.S. Departments of Interior,

Commerce, Housing and Urban Development, and the FDIC.

The new Dynaxys – UBmatrix partnership builds upon the successful

collaboration the companies have established in focusing on corporate SEC

filings using XBRL, as well as their shared background in successful XBRL

programs implemented for leading government agencies. “Other public sector

agencies will not be far behind in gaining the benefits of XBRL for

themselves, not just their constituents,” said Lisa Miller.

“We are extremely excited to work with UBmatrix to help organizations and

government entities adopt XBRL, the recommended worldwide standard for

financial and business reporting. It’s wonderful to see U.S. companies and

organizations join with the rest of the world to reap the important

benefits of XBRL, including greater transparency, accuracy and vastly

faster data exchange,” commented Lisa Miller.

Dynaxys has long served the public sector, including having led the first

government implementation of XBRL to improve legacy system interoperability

at the U.S. Department of Housing and Urban Development. Dynaxys offers an

XBRL solution suite which enables data integration, reporting and

analytics. The company is active in development of the XBRL industry

standards and participates in the Global Ledger and Financial Reporting

committees, and is a longtime member of the AGA.

“It makes sense to expand our partnership with Dynaxys to focus on the

needs of the public sector, given our shared experience in assisting

regulators and government agencies. Having been at the core of the world’s

leading XBRL production systems, it seems the time is ripe to bring the

benefits of XBRL to the U.S. public sector,” said Sunir Kapoor,

President and Chief Executive Officer, UBmatrix, Inc.

UBmatrix’s XBRL solutions are used today in demanding production

environments such as the FDIC, with European central bank supervisors such

as Banque de France, the Global Microfinance Information eXchange, and

leading global corporations participating in the SEC XBRL voluntary filing

program. The company also participated in the development of the U.S. GAAP

Taxonomy with the SEC.

About Dynaxys

Dynaxys develops creative solutions to the most complex business

challenges. They offer a portfolio of custom software development,

business process outsourcing and hosting solutions and services. The

company has significant experience in accounting, loan servicing and

real-estate solutions. Customers from government, commercial and

non-profit sectors can be certain that their needs for privacy,

reliability, speed and security will be met. Dynaxys continues to invest

in innovation and to cultivate partnerships to advance process management,

business intelligence, reporting and analytics. This includes the use of

the global standard, XBRL. For further information, visit www.dynaxys.com.

About UBmatrix

UBmatrix, Inc. is the leading provider of XBRL-based information exchange

solutions for global organizations and enterprises allowing them to more

efficiently and effectively address the challenges of business and

financial information management, exchange and reporting. XBRL is rapidly

becoming the standard for financial information exchange and reporting

demonstrated by the XBRL programs being driven at the SEC, FDIC and the

European Central Bank Supervisors. UBmatrix XBRL solutions increase

operational efficiency and financial transparency, and ensure reporting

accuracy and reporting compliance. UBmatrix is based in Silicon Valley

with development centers in Bellevue, WA and New Delhi, India. For further

information, visit www.UBmatrix.com.

For further information, contact:

For Dynaxys
Carol Blitzer
(301) 622-0900

For UBmatrix
Dan Cahill
(917) 617-0106

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