Toronto, ON – 2009-09-09 – XPI, a leading provider of online solutions for corporate disclosure information, today announced that it has secured funding from The Business, Engineering, Science & Technology (BEST) Discoveries Fund and the BEST Total Return Fund. The investment will support XPI's growing sales, marketing, and customer support initiatives as the company continues to expand its operations in response to the increased market demand for its core solution, DisclosureNet.
DisclosureNet is a research tool that enables users to perform targeted searches on specific corporate disclosure documents filed in Canada via SEDAR and SEDI, or EDGAR in the United States. With widespread adoption in the accounting, corporate, investor, legal, and regulatory markets, DisclosureNet assists professionals in these areas with the research and preparation of disclosure documents filed by publicly traded companies.
"XPI has all the elements that we look for: solid management, impressive growth margins, and a product in great demand. Given these characteristics, we are hopeful that XPI will emerge as one of the leaders of tomorrow," said John Richardson, CEO of BEST Funds.
A key driver for this continued growth is the mandated adoption of International Financial Reporting Standards (IFRS) for Canadian publicly accountable enterprises as of January 1, 2011. Currently, accounting professionals in Canada follow Generally Accepted Accounting Principles (GAAP) when preparing financial statements for publicly traded companies. IFRS, which is followed in countries such as the UK, will replace GAAP and provide consolidated global accounting standards for accounting professionals worldwide.
As a result, accounting professionals will require access to IFRS-standard documents to research best practices, and how they're being implemented, in order to prepare for this conversion. XPI plans to release a new module of DisclosureNet that provides online access to this data for the first time.
"We are pleased to have experienced significant momentum in the last six months, from record quarterly sales to the closing of our first major round of financing with BEST Funds," said Peter Kaju, CFO of XPI. "This investment is testament to the current market acceptance of our solutions, and the company's potential for growth as more and more organizations turn to DisclosureNet."
About XPI
XPI is an innovative, Canadian technology company committed to building a global disclosure network that facilitates the process for timely, secure, and compliant creation, dissemination and analysis of disclosure documents. The company's flagship product, DisclosureNet, enables users to perform targeted searches and receive alerts on specific corporate disclosure documents filed with SEDAR, SEDI and EDGAR. DisclosureNet has wide-spread adoption in the Canadian accounting, corporate, investment, legal, and regulatory markets. For more information, please visit www.xpi.com
Contact:
Marisa Marzano
416-916-8798 x151
m.marzano@xpi.com.
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.
Contact:
Alan Chettiar
416-203-7331 x235
achettiar@bestfunds.ca