XBRL Will Play an Important Role for Regulatory Agencies and CFOs of Well-Run Finance Departments Who Are Demanding a Unified Solution for Compliance, Close and Financial Disclosure Activities

Movaris, the leader in automating the financial close, compliance and reporting processes, today announced that it joined XBRL International, a non-profit consortium of approximately 350 companies dedicated to the development and support of XBRL (Extensible Business Reporting Language). Through its active participation in driving the XBRL standard, Movaris is committed to helping companies unify and automate their "last mile of finance," the series of activities performed during the financial close and reporting process, into repeatable, auditable and efficient processes.

Movaris will contribute its extensive technical and financial domain expertise to the development of XBRL, while Movaris customers will benefit from future integration of XBRL into its flagship product, Movaris OneClose. OneClose is the industry's only enterprise application that unifies financial controls and close tasks with the creation of a company's financial statements, creating a system of record for both financial close and financial compliance.

"We are pleased to have the participation of Movaris in helping make XBRL a successful solution to many of the reporting issues facing companies and regulatory agencies," said Karl Best, executive director, XBRL-US. "Movaris' in-depth, holistic understanding of the financial close and reporting process and its expertise in automating business processes to ensure greater efficiency and accuracy will be a great asset for the XBRL consortium as we guide the future direction of electronic filings."

"XBRL International is at the forefront of new standards and technologies that are making financial reporting more accessible, accurate and representative of the true financial state of a public company," said Movaris founder and Chief Technology Officer Steve Yankovich. "As XBRL moves toward becoming the de facto standard for financial filings, Movaris looks forward to offering these enhanced capabilities in our flagship product, Movaris OneClose."

The Securities and Exchange Commission (SEC) has also embraced this new document reporting standard because consumers of financial data, including investors, analysts, financial institutions and regulators, can receive, find, compare and analyze data much more rapidly and efficiently in XBRL format.

For more information about Movaris OneClose, please visit http://www.movaris.com/ or call 888-800-7545.

About XBRL

XBRL (Extensible Business Reporting Language) is a royalty-free, open specification for software that uses XML data tags to describe financial information for public and private companies and other organizations. XBRL benefits all members of the financial information supply chain by utilizing a standards-based method with which users can prepare, publish in a variety of formats, exchange and analyze financial statements and the information they contain. Some of the world's leading accounting, financial, government and software organizations are involved in the adoption and use of XBRL in the U.S. XBRL-US is hosted and supported by the American Institute of CPAs, one of the founding members of XBRL International. For more information on XBRL, please go to the XBRL-US Web site (http://www.xbrl.org/US).

About Movaris

Movaris helps finance organizations transform their "last mile" -- the series of activities performed during the financial close and reporting process -- into repeatable, auditable and efficient processes. Movaris OneClose is the industry's only enterprise application that unifies financial controls and close tasks with the creation of a company's financial statements, creating a system of record for both financial close and financial compliance. Movaris OneClose customers realize: dramatic time savings within their internal finance organization by automating routine workflows, reduced audit fees from automatically creating a system of record for close and compliance reporting, and increased accuracy of financial and compliance reports by standardizing workflows and key business processes throughout a company's global finance organization. Movaris is headquartered in San Jose, California, with offices in Atlanta, Boston, Chicago, Los Angeles and New York.

Movaris and OneClose are registered trademarks of Movaris Inc. All other company and product names are trademarks or registered trademarks of their respective holders.