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.”