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  SEC awards $48 million contract in move toward adoption of interactive data.
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BearingPoint joins team modernizing EDGAR system

BearingPoint has been selected as part of a team led by Keane, Inc. to operate, maintain and modernize the US Securities and Exchange Commission's Electronic Data Gathering, Analysis, and Retrieval system, commonly referred to as EDGAR.

BearingPoint's six-year contract with Keane, which is made up of an initial three-year term with options for an additional three years, will enable the SEC to transform EDGAR to a dynamic real-time search tool with interactive capabilities. The value of the overarching team contract with the SEC is $48 million.

Central to BearingPoint's efforts for the SEC will be installation and integration of a Service Oriented Architecture for the EDGAR system, as well as driving further adoption and deployment of Extensible Business Reporting Language (XBRL) standards, interactive data that can provide investors with quicker access to the information they want, in a format they can most easily use. BearingPoint's success in rolling out XBRL-enabled systems for other clients bolstered Keane's decision to select BearingPoint for the EDGAR modernization effort.

EDGAR performs automated collection, validation, indexing, acceptance, and dissemination of submissions by companies and others who are required by law to file forms with the SEC. Its primary purpose is to increase the efficiency and fairness of the securities market for the benefit of investors, corporations, and the economy by accelerating the receipt, acceptance, dissemination, and analysis of time-sensitive corporate information filed with the agency. The new system will be completely interactive, using data technologies such as XBRL and Extensible Markup Language (XML), it will allow investors and analysts to search not only filings, but the information within them. This new system will eliminate the need to laboriously undertake manual searches, re-key data, or pay others to translate the data to more useable formats. The contract is expected to immediately benefit firms that directly subscribe to EDGAR filings and reduce the cost of a subscription up to 37 percent.

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