Dynaxys and UBmatrix Expand Partnership to Deliver XBRL Solutions to the Public Sector

SILVER SPRING, MD and REDWOOD CITY, CA – July 24, 2008 – Dynaxys, a provider of custom accounting solutions and  consulting services and UBmatrix, the leading provider of XBRL information exchange solutions, today announced an expansion of their strategic business partnership to deliver XBRL solutions and services to the public sector.  The companies will also be participating at the upcoming Association of Government Accountants (AGA) annual conference in Atlanta, from July 27th to 30th, 2008.

“The potential for government entities to benefit from XBRL is staggering,” said Lisa Miller, president of Dynaxys, LLC.  “Premier government regulators, which are at the forefront of implementing technologies to gain efficiency and improve their delivery of services, such as the Federal Deposit Insurance Corporation (FDIC) and the Securities Exchange Commission (SEC), have already turned to XBRL as a standard for financial information reporting and exchange.” 

The XBRL standard creates “interactive data” according to Christopher Cox, Chairman of the SEC, such “interactive data” simplifies data exchange, allows for easy comparability, improves accuracy and permits real time analysis.

The XBRL standard is being adopted worldwide in the private and government sectors, with active programs at more than 550 organizations in 27 countries.  XBRL adoption in the U.S. has taken a leap with the completion of the U.S. GAAP Taxonomy and the SEC proposal to mandate financial filings in XBRL.  A variety of XBRL Pilot Programs are also in place or implementation at government agencies such as U.S. Departments of Interior, Commerce, Housing and Urban Development, and the FDIC.

The new Dynaxys - UBmatrix partnership builds upon the successful collaboration the companies have established in focusing on corporate SEC filings using XBRL, as well as their shared background in successful XBRL programs implemented for leading government agencies.  “Other public sector agencies will not be far behind in gaining the benefits of XBRL for themselves not just their constituents,” said Lisa Miller. 

 “We are extremely excited to work with UBmatrix to help organizations and government entities adopt XBRL, the recommended worldwide standard for financial and business reporting.  It’s wonderful to see U.S companies and organizations join with the rest of the world to reap the important benefits of XBRL, including greater transparency, accuracy and vastly faster data exchange,” commented Lisa Miller.

Dynaxys has long served the public sector, including having led the first government implementation of XBRL to improve legacy system interoperability at the US Department of Housing and Urban Development.  Dynaxys offers an XBRL solution suite which enables data integration, reporting and analytics.  The company is active in development of the XBRL industry standards and participates in the Global Ledger and Financial Reporting committees, and is a longtime member of the AGA.

“It makes sense to expand our partnership with Dynaxys to focus on the needs of the public sector, given our shared experience in assisting regulators and government agencies.  Having been at the core of the world’s leading XBRL production systems, it seems the time is ripe to bring the benefits of XBRL to the U.S. public sector,” said Sunir Kapoor, President and Chief Executive Officer, UBmatrix, Inc.

UBmatrix’s XBRL solutions are used today in, demanding production environments such as the FDIC, with European central bank supervisors such as Banque de France, the Global Microfinance Information eXchange, and leading global corporations participating in the SEC XBRL voluntary filing program.  The company also participated in the development of the U.S. GAAP Taxonomy with the SEC. 

About Dynaxys

Dynaxys develops creative solutions to the most complex business challenges.  They offer a portfolio of custom software development, business process outsourcing and hosting solutions and services.  The company has significant experience in accounting, loan servicing and real-estate solutions.  Customers from government, commercial and non-profit sectors can be certain that their needs for privacy, reliability, speed and security will be met.  Dynaxys continues to invest in innovation and to cultivate partnerships to advance process management, business intelligence, reporting and analytics.  This includes the use of the global standard, XBRL.  For further information, visit www.dynaxys.com.

About UBmatrix

UBmatrix, Inc. is the leading provider of XBRL- based information exchange solutions for global organizations and enterprises allowing them to more efficiently and effectively address the challenges of business and financial information management, exchange and reporting.  XBRL is rapidly becoming the standard for financial information exchange and reporting demonstrated by the XBRL programs being driven at the SEC, FDIC and the European Central Bank Supervisors.  UBmatrix XBRL solutions increase operational efficiency and financial transparency, and ensure reporting accuracy and reporting compliance.  UBmatrix is based in Silicon Valley with development centers in Bellevue, WA and New Delhi, India.  For further information, visit www.UBmatrix.com.

Copyright 2008 Dynaxys LLC.  Xabra® and Xabra Tools® are registered trademarks of Dynaxys LLC.   US Patent Pending.  XBRL™ logo is a trademark or service mark of the XBRL International, Inc., and is registered in the United States and other countries.  All other registered trademarks, trade names, or service marks mentioned in this document are the property of their respective owners.

CONTACT INFORMATION: 

Dynaxys LLC

Sonia Antypas

1-301-622-0900

santypas@dynaxys.com