The United States Securities and Exchange Commission (SEC) has contracted Keane Federal Systems to manage, maintain, upgrade and eventually replace its aging Electronic Data Gathering, Analysis and Retrieval (EDGAR) system, the mechanism currently employed by firms to submit financial filings and to provide such information to investors, FCW.com reports.
Keane Federal Systems is a subsidiary of IT services and business process solutions firm Keane, and it was awarded a contract worth as much as $48 million over six years, according to FCW.com. The contract includes a three-year term and three one-year renewal options, FCW.com reports.
SEC Chairman Christopher Cox also said the agency had awarded more contracts as part of the EDGAR upgrade, according FCW.com. XBRL US was also given $5.5 million to establish the “taxonomy” for the system, or the hierarchy under which information is categorically filed, and it expects the task to be finished within a year, FCW.com reports. Both Rivet Software and Wall Street on Demand, two developers of software, were also contracted for a total of $500,000 worth of work to build new, interactive tools for use by investors while visiting the SEC’s website, according to FCW.com.
Under Keane’s contract, the firm will transform the SEC’s current form-based electronic filing system into a dynamic, digital data system with real-time search functionality, the SEC said, FCW.com reports.
Notable Keane technology partners include Akamai Technologies, BearingPoint, EMC, Microsoft, Rivet Software and Vistronix, according to FCW.com.
The SEC expects the new filing and analysis system to be available for use sometime in 2007, FCW.com reports.
“Keane’s proven record of developing effective technology solutions in the public and private sectors, its strong credentials in information systems management, and its considerable insight into the future needs of the investing public make it a perfect partner to work with the SEC to usher in a new era of increased capital market productivity and efficiency,” Chairman Cox said, according to FCW.com.
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