(Morrisville, N.C.) Issuer Direct Corporation (OTCBB: ISDR) (”Issuer Direct”), a market leader and innovator of disclosure management systems and cloud-based compliance technologies, today announced its acquisition of the assets of Firelace, Inc., a privately-held Cloud Accounting company headquartered in Winston-Salem, North Carolina. Financial terms were not disclosed.
As part of the Asset Purchase Agreement, Issuer Direct acquired the technology, brands and customers of Firelace’s Merchant’s Mirror cloud accounting platform. Merchant’s Mirror has been in operation since 2007 as a SMB (Small Medium Business) cloud accounting provider.
“We are very excited about the long-term potential for Merchant’s Mirror cloud technologies,” stated Brian Balbirnie, Chief Executive Officer of Issuer Direct. “The system architecture will initially be integrated into our reporting, workflow and financial systems to further increase our own internal efficiencies. This will be followed by the release of our XAS Cloud enterprise version that allows reporting companies to integrate their accounting platforms with their XBRL filing requirements, thereby enhancing efficiencies in the reporting process. We expect the foundation of Merchant’s Mirror will eventually become a key component of our Disclosure Management System.”
Ben Hwang founder of Firelace and Merchant’s Mirror commented by saying: “This will be an exciting new stage for Merchant’s Mirror — Issuer Direct is proven in the enterprise world of financial reporting and back-office tool sets. This merging of experience between the two teams will provide a wonderful experience for our customer base.”
The Merchant’s Mirror technology is going to be rebranded as XAS Cloud (eXtensible Accounting Solutions), which is set to launch in the first half of 2013. Part of the rebranding process will involve the integration of several new functions, such as the mapping of general ledger accounts to defined XBRL taxonomies, therefore simplifying the XBRL reporting, auditing and review process.
“We believe that the next logical progression in XBRL reporting will be the integration of back office accounting systems and XBRL tagging, and that the market for this is largely untapped. We plan to be on the forefront of this movement with XAS Cloud and position ourselves to gain significant market share in what we believe will be a huge market opportunity,” stated Wes Pollard, Chief Financial Officer of Issuer Direct Corporation.
About the XAS Cloud
The XAS Cloud is an Analytical Cloud Compliance Platform designed specifically to leverage the power of eXtensible Business Reporting Language (XBRL) by integrating XML markup language in and with common financial reporting functions. XAS Cloud will improve application performance, increase transparencies and allow critical data to be accessed from optimal locations via the “Cloud.” Part of the XAS Cloud mission is to offer an open source general ledger industry search tool called PeerCompliance, which will allow company reporting managers and executives to query industry-specific elements — a key requirement for enterprise benchmarking and framework management. To learn more about XAS Cloud please visit www.XAScloud.com.
About Issuer Direct Corporation
Issuer Direct Corporation (”IDC”) is a market leader and innovator of disclosure management systems and cloud-based compliance technologies. With a focus on corporate issuers, the Company alleviates the complexity of maintaining compliance with its integrated portfolio of products and services that enhance companies’ ability to efficiently produce and distribute their financial and business communications both online and in print.