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New Tagetik XBRL Standard Performance Management & Financial Governance Software Helps Companies Meet New SEC Reporting Rule

Posted on: Friday, 13 March 2009, 15:34 CDT

STAMFORD, Conn., March 13 /PRNewswire/ -- Tagetik, a global provider of Performance Management and Financial Governance software, has adapted its solutions to support financial reporting in the new international standard Extensible Business Reporting Language (XBRL). Dubbed by the Securities & Exchange Commission (SEC) as the "21st Century Disclosure Initiative", XBRL-enabled software allows companies to meet the reporting rule it recently finalized that requires public companies to submit filings using XBRL, starting next month. It enables investors to more easily locate and compare company information in financial reports. This open standard guarantees a transparent and effective financial communication.

Tagetik's XBRL-enabled solution for Performance Management and Financial Governance provides an identifying tag for each item of financial data, making it easy to find specific information, such as "net profit", rather than sifting through blocks of text. Tagetik allows users to easily create sophisticated financial reports using XBRL--improving internal controls for external reporting and reducing time, cost and complexity.

"Tagetik's unified Performance Management and Financial Governance Solution supports XBRL standards enabling companies to effectively manage their 'last mile of finance' and data consolidation," said the company's Chief Operating Officer Manuel Vellutini. "Our XBRL technology closes the loop on the standardization and publication process offering valuable benefits in accurate, timely and reliable analysis and communication of business information. It reduces the cost and complexity of financial filing."

About Tagetik

Tagetik is a global provider of latest generation Performance Management and Financial Governance software solutions that help CFOs and CIOs simplify complex business practices. Its key innovation is a fully unified financial closed-loop, double entry solution incorporating all core Performance Management processes in a single product, include budgeting, planning, forecasting, and financial consolidation. Its "out-of-the-box" core Performance Management processes, web-based, cross-platform technology, powerful scalability, and shortened implementation time have reduced total cost of ownership for customers worldwide in all major industries. Tagetik Performance Management supports financial governance requirements such as 10K and 10Q reporting, while helping automate financial processes to achieve transparency and meet compliance needs. Headquartered in Lucca, Italy, Tagetik North America has Sales, Service and Marketing operations in Stamford, Conn. For further information visit www.tagetik.com

SOURCE Tagetik

Source: PR Newswire

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