Azini Capital To Accelerate Growth At ClusterSeven

 Azini Capital To Accelerate Growth At ClusterSeven
18.06.2015 01:00 am

Azini Capital To Accelerate Growth At ClusterSeven

Trade Finance

ClusterSeven, a leading provider of solutions to manage corporate spreadsheets and other end-user computing (EUC), today announced that it has secured new finance from private equity firm Azini Capital Partners LLP (“Azini”). Azini has acquired 100% of ClusterSeven and will be providing additional investment to promote high quality and wider customer engagement.

Surveys by auditors and analysts repeatedly show that over 70% of businesses are dependent on spreadsheets to deliver key financial information. ClusterSeven was founded to help businesses cope with this dependence.  Its unique technology allows financial institutions and businesses to validate, analyse and control the use of business-critical spreadsheets and similar applications and databases.  The firm’s products automatically document activity to detect problems such as spreadsheet errors and security risks.

ClusterSeven has seen interest in its solutions grow significantly as institutions seek to improve the accuracy and guardianship of their data.  Its solutions help firms to balance their governance, risk and regulatory compliance (GRC) obligations with the need for innovation and productivity. ClusterSeven provides non-invasive, passive monitoring and tracking of spreadsheets down to the level of individual cells.

The firm’s clients include many leading global companies; a third of the world’s top 30 banks as well as leading insurers, investment managers, energy firms and manufacturers. The Azini investment comes in the wake of record ClusterSeven turnover and new client wins in 2014.

Ralph Baxter, CEO and founder of ClusterSeven, said: “We are very pleased to move to the next stage of our development in partnership with Azini Capital.  This investment is great news for our clients as it will enable us to further develop our solutions and improve awareness in the market of the best practices we have built together. Businesses are increasingly focused on the quality of information delivered to all their executives, clients, auditors and regulators. That means knowing what is happening in your spreadsheets.”

Nick Habgood, Managing Partner, Azini Capital Partners LLP, said: “ClusterSeven is perfectly positioned to enter its next growth phase.  It’s a great UK technology company that is meeting a pressing need from top tier financial services companies across the world. We see the opportunity to take its technology to a much broader marketplace.  We are very pleased to work alongside Ralph and the team to help grow ClusterSeven.”

Related News

Finastra named best global trade finance software provider

Finastra has been named best global trade finance software provider by Global Finance at the Trade Finance Awards 2020.... Read more »

Bolero International partners with Traydstream to automate scrutiny and compliance checking of trade documents

Bolero International is partnering with Traydstream, the leader in Trade document scrutiny using artificial intelligence (AI), to provide a powerful automatic document checking... Read more »

Traydstream expands into Africa with Stanbic Bank mandate

Stanbic Bank Uganda (SBU) and Traydstream Ltd have signed an agreement to implement the Traydstream platform at SBU. This platform is intended to digitize the current manual... Read more »

Commerzbank and LBBW have set a new milestone in the digitalisation of commercial transactions based on blockchain technology

LBBW and Commerzbank have once again executed a trade transaction between Voith and KSB SE, via the Marco Polo trade finance network, built on R3’s distributed ledger... Read more »

Traydstream and Nokia, along with three of its advising banks, embark on a pilot ecosystem

Traydstream, the machine learning-based trade rules and compliance-checking platform, is excited by a new pilot partnership with Finnish multinational exporter, Nokia... Read more »

The Biggest Buy Side FX Gathering

This September over 250 heads of FX trading and portfolio management from Europe’s leading buy side firms will be exclusively gathering in Barcelona again for TradeTech FX.... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel