Fla. Firm Signs with Internet Financial Network to Provide SEC Filings

Data Broadcasting Corp., a stock quote and financial news service, has signed an exclusive distribution agreement with Internet Financial Network, a provider of computerized access to Securities and Exchange Commission filings.

Under terms of the five-year agreement announced last month, New York- based Data Broadcasting will be able to offer the SEC electronic filings over the Microsoft Network and certain other wireless and on-line distribution channels, officials said.

Data Broadcasting executives added that the pact includes an option to acquire a controlling interest in Internet Financial in the future. Financial terms were not disclosed.

The Fort Lauderdale, Fla.-based company currently uses the Internet to distribute SEC documents that have been submitted by corporations electronically via the agency's Electronic Data Gathering and Retrieval - or Edgar - system.

By the middle of next year, all publicly traded companies will be required to submit their SEC forms via Edgar, thus creating a vast data base for institutional and individual investors to mine.

In addition to distributing Edgar documents via the Internet and Microsoft's new on-line information service, Data Broadcasting officials said they are looking at providing document "alerts" for customers that use its wireless, satellite, and cable messaging services.

Clients would be able to select document alerts by company, type of filing with the SEC, or industry group.

"We are excited about the future prospects for this venture and the benefits to be derived from Data Broadcasting's depth of market leadership," said Clifford Boro, president of Internet Financial. "The agreement should allow Internet Financial to accelerate our development of Internet-related services."

In a separate announcement, Internet Financial said it has formed a marketing and technical alliance with Cambridge, Mass.-based Onesource Information Services, a provider of business information software.

As part of the agreement, Onesource will act as a distributor of for Internet Financial's Windows-based EdgarWatch software and its SmartEdgar service, which is accessible through the Internet's World Wide Web.

Company officials added that in the first quarter of 1996 they plan to integrate EdgarWatch with Onesource's information retrieval system that works with Lotus Development Corp.'s Notes work-group productivity software.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER