The new product is the result of a project to create a Web-based, collaborative tagging solution that completely shields preparers from the complexity of XBRL.

The product -- Genesis -- provides a drag-and-drop environment that is designed for non-technical users and will convert documents from sources such as Microsoft Excel, Word, and PDF documents into XBRL format. It optionally provides role-based workflow that maintains a complete audit trail of every activity related to a filing, tracks changes made by each user and guides filing companies and auditors. Genesis creates a "smart template" that can be re-used for subsequent filings of a document.

Rivet expects the software to reduce the effort required by mutual funds and other investment companies to submit prospectus and financial filings to the SEC. 

Last month, Rivet and its strategic partner Bowne & Co. prepared and submitted the Risk Return XBRL filing for the John Hancock Bond Fund using the Genesis solution.

The product will be available for use by external beta users in this quarter and will be generally available in the first quarter of 2008 on a hosted or stand-alone basis.