Toronto, ON – 2009-10-07 – XPI, a leading provider of online solutions for corporate disclosure information, today announced that the company signed 24 new customers in September, representing a record number of deals closed in a one-month time period since the company's inception in 2002.
This follows on the heels of a record-setting year. Since January, XPI has secured over 130 new customers, a record compared to previous quarterly sales activities. The company also signed its 300th customer in the spring, and has grown DisclosureNet's user base to over 15,000 users.
"Despite the economic downturn, we have experienced an unprecedented period of growth over the past year," said Stephane Jasmin, president and CEO of XPI. "As a productivity-enhancing research tool, customers use DisclosureNet to save them time and reduce their need for outsourced support. This is extremely attractive for companies as they keep a close eye on their bottom lines during this period of economic recovery."
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 is well positioned to maintain its rapid rate of growth. A key driver for this is the mandated adoption of International Financial Reporting Standards (IFRS) for Canadian enterprises in January, 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 for interim and annual financial statements 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. Later this year, XPI plans to release a version of DisclosureNet that provides online access to this data for the first time.
"Clearly, our business strategy is working, and we're extremely pleased to have had such steady growth over the past year," said Todd Peterson, vice president of client services for XPI. "First and foremost, our priority is to provide our clients with an innovative, easy-to-use technology solution that helps them reduce risk and reduce cost. That sets the foundation for an excellent user experience, and provides a platform that enables us to scale as the demands from the marketplace continue to increase."
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.
Media Contact:
Marisa Marzano
416-916-8798 x151
m.marzano@xpi.com