Workiva Inc, the company that powers transparent reporting for a better planet, announced it had acquired Denmark-based ParsePort. The acquisition strengthens Workiva’s leadership position in XBRL and Inline XBRL® financial disclosure in Europe and complements Workiva’s cloud platform, which European organizations use for a variety of financial and non-financial reports, including annual reports with ESEF, ESG and statutory reporting.
ParsePort is a leader in the ESEF financial reporting mandate and has been providing XBRL software conversion software for Europe for over a decade. ParsePort’s solutions assist authorities, banks, pension funds, auditors and publicly listed companies around the globe in filing XBRL reports that comply with GAAP requirements. More than 800 organisations across Europe trust ParsePort’s simple, but elegant XBRL and Inline XBRL conversion solution to quickly and effectively convert their financial statements to ESEF disclosures.
“Workiva offers an end-to-end cloud platform that simplifies global organizations’ most complex reporting. With the acquisition of ParsePort, we have added a complementary XBRL conversion solution that will extend our market share in Europe for ESEF and statutory reporting,” Marty Vanderploeg CEO Workiva. “We are pleased to welcome the ParsePort team and their in-depth market and technology knowledge as we power transparent reporting for a better world.”
Kim Eriksen and Michael Krog, the founders of ParsePort will continue to be the leaders of the company under the ParsePort brand. “Aligning ParsePort with Workiva creates an incredible opportunity to set a new standard in digital reporting,” said Eriksen. “For ParsePort, raising our global profile with Workiva will extend our reach to even more organizations that need to make XBRL tagging as easy and simple as possible.”
“Many of our customers require more robust financial and non-financial reporting solutions,” Krog. “Through Workiva, our customers will now have direct access to Workiva’s partner ecosystem and innovative connected reporting platform to solve their most complex business reporting challenges.”
ParsePort was acquired by Workiva for $100 million cash, in accordance with its terms and conditions. Workiva funded the transaction using cash that was already in hand. Additional details regarding the acquisition will be provided in conjunction with the company’s first-quarter earnings conference call on Tuesday, May 3, 2022. About Workiva Inc. (NYSE :WK), is on a mission for transparent reporting to make the world a better place. We build and deliver the world’s leading regulatory, financial and ESG reporting solutions to meet stakeholder demands for action, transparency, and disclosure of financial and non-financial data. Our cloud-based platform makes it easy to solve complex reporting and disclosure problems by streamlining processes, connecting teams, and ensuring consistency.