Parseport offers a cloud-based platform that streamlines the creation, conversion, and validation of financial reports in XBRL, iXBRL, and xHTML formats, ensuring full compliance with regulations such as ESEF, UKSEF, local GAAP, EBA, EIOPA, and ESG requirements. After entering the Italian financial reporting market, Parseport quickly became the most widely used platform for ESEF filings. In 2023, the company was acquired for 100 million dollars..
CONTEXT
The European regulatory landscape is undergoing rapid change, driven by new transparency requirements for publicly listed companies across Europe. To harmonise financial communication and give investors greater clarity, the European Union introduced the obligation to publish annual reports in ESEF – European Single Electronic Format.
This new standard requires listed companies to produce structured digital reports that are easily comparable and machine-readable, leveraging technologies such as Inline XBRL.
TECHNOLOGY
The solution is built on a SaaS platform designed to make the ESEF reporting process simple, fast, and fully compliant with European standards. The system allows users to upload the annual report in PDF format along with an Excel file containing the numerical data; within minutes, it automatically generates a report that meets the Inline XBRL requirements set by the regulation.
Thanks to a highly automated and intuitive workflow, the platform removes the technical complexity of tagging and minimises manual intervention, ensuring speed, accuracy, and full regulatory compliance.
CHALLENGE
Entering a consolidated market is always a significant challenge, especially in a regulated and highly specialised field such as reporting solutions for publicly listed companies. For years, a handful of established providers have dominated this space, offering complex platforms deeply embedded in corporate processes.
In such a structured environment, gaining the trust of clients requires not only a competitive technology, but also the ability to demonstrate reliability, regulatory compliance, and operational continuity.
ACTION
To support ParsePort’s entry into a highly competitive and established market, we adopted a multi-layered strategy designed to engage four key stakeholders involved in the selection and validation of ESEF solutions:
- Clients, who ultimately use the platform;
- Influencers, who guide companies in their technology decisions;
- Validators, responsible for regulatory compliance and final report approval;
- Industry associations, which facilitate rapid market introduction and help validate the solution.
By acting in parallel across all these stakeholder groups, we were able to build trust, establish credibility, and accelerate the solution’s adoption in a complex and highly regulated market..
RESULT
The work carried out delivered concrete and measurable results. In just two years, ParsePort established itself as the leading ESEF provider in the Italian market, achieving over 25% market share among publicly listed companies. This rapid consolidation reflects the strength of the technology, the effectiveness of the multi-layer strategy, and the trust gained from key industry stakeholders.
In addition, upselling initiatives were developed for existing customers in the areas of Sustainability and GRC, further increasing the value generated.