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The Boston-based venture capital affiliate of Bain Capital has inked a deal to invest $12 million in EDGAR Online, a financial information distribution company.
Funds from Bain Capital Venture’s purchase of 120,000 EDGAR Online preferred shares will help finance the company’s product expansion to meet an expected increased demand for its data and subscription offerings.
Half of the Bain investment will be deployed over the next 18 months, EDGAR Online executives said.
The U.S. Securities and Exchange Commission’s mandate for so-called XBRL filings from all U.S. public companies by 2011 could significantly expand EDGAR Online’s potential revenue stream, according to company CEO Philip Moyer during a call with investors Friday.
Jeffrey Schwartz, a founding member of Bain Capital Ventures, and John Connolly, an operating partner of the firm, will join EDGAR Online’s board of directors as part of the financing agreement.
Norwalk, Conn.-based EDGAR Online’s (Nasdaq: EDGR) shares rose 27 percent in trading Friday to $1.48 per share, up from Thursday’s close of $1.17 a share.
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