Press Releases

If you require further information or wish to be
placed on our circulation list for future press releases,
please contact Alex Subba Row.

email: asubbarow@clusterseven.com
tel: +44 20 7148 6276

Our key recent releases are rapidly accessible from
the menu on the right. Or please scroll down
to review our full history of releases.


Tuesday
Feb022016

ClusterSeven appoints new CEO

ClusterSeven, the leading provider of strategic software for the management of user-built applications, today announces the appointment of Chris Gomersall as Chief Executive Officer.

Chris joins the company with more than 30 years of industry experience and has held a number of senior management positions across various sectors during that time. Before joining ClusterSeven he was CEO at Acunu, a UK-based pioneer of Big Data analytics solutions. In just 18 months he led the company from a pre-revenue position to a successful acquisition by a leading Silicon Valley technology firm.

Prior to this Chris was Regional Vice President for North EMEA at Quest Software where he directed a team of 100 people across eight countries and managed a revenue stream of approximately $60m. He also held the role of Vice President of EMEA at ServiceNow where he was recognised for growing the business ten-fold in just two years; helping the company move towards achieving a $3bn IPO. From 2005 to 2007 Chris founded and led the EMEA organisation of PolyServe, through to the ultimate sale of this business to HP.

Nick Habgood, Managing Partner at Azini Capital Partners explained; “After acquiring ClusterSeven in June 2015 we are very ambitious for the business and keen to see it realise its full potential. Key to our plans is to ensure that the business has the right leadership. Chris (Gomersall) has extensive experience in both private equity backed and public companies and clearly understands how businesses need to be structured, and operated, in order to be successful. We are delighted he is now part of our team.”

“I am very excited about the opportunity to build on the successes that ClusterSeven has already achieved and am confident that the business will go from strength to strength,” added Gomersall. “The technology is delivering some immediate, impressive, business results for our customers and that creates the perfect platform for us to grow from. I am ready to address any challenges that lie ahead and look forward to getting my sleeves rolled up alongside the impressive team already in place.”

About ClusterSeven

London-based ClusterSeven has developed a range of market-leading software products that provide oversight and transparency of a firm’s spreadsheets, user-built databases and modelling tools. ClusterSeven’s solutions give functions such as finance, risk and internal audit full confidence in the integrity of their firm’s spreadsheet data, while also offering substantial savings on the time and resources used to check data processes and accuracy.

ClusterSeven was founded in 2003 and established a New York office in 2006. The firm now has a third of the world’s top 30 banks as clients as well as multiple leading insurers, investment managers and energy firms. In June 2015 private equity firm Azini Capital Partners LLP acquired 100% of ClusterSeven and will be providing additional investment to promote high quality product development and wider customer engagement.

For more information about ClusterSeven, visit www.clusterseven.com.

Media Contacts:

Clare Shephard

Maillot Jaune Communications

Tel: +44 (0) 7736 793332

Email: clare.shephard@maillot-jaune.co.uk

Monday
Sep142015

ClusterSeven Cited as Best-of-Breed Provider in RiskTech Quadrant® for Enterprise Stress Testing Systems 

ClusterSeven today announced that it has been ranked as a best-of-breed vendor in the Chartis Enterprise Stress Testing Systems RiskTech Quadrant® for 2015.

“When it comes to stress testing financial institutions are addicted to Excel spreadsheets”, stated Peyman Mestchian, Managing Partner at Chartis. “We are advising financial institutions to utilize spreadsheet governance solutions that are available from vendors such as ClusterSeven..."

Click to read more ...

Wednesday
Sep092015

Accountants Warn on the Rise of Spreadsheet Risk

  • More than half (58%) of accountants state that the frequency of errors found on spreadsheets is either ‘very high’ or ‘fairly high’, according to new research
  • Almost three quarters (72%) ranked ‘spreadsheet risk’ as a major business risk
  • Two thirds think it is likely that over the next two years a large company in the UK will suffer financial and/or reputational losses due to a spreadsheet-based data failure
  • The Institute of Chartered Accountants in England and Wales (ICAEW) warns that spreadsheet errors often remain unspotted which means the damage is difficult to recognise or measure

Click to read more ...

Thursday
Sep032015

Demand from Stress-Testing Drives New Spreadsheet Management Capabilities at ClusterSeven

ClusterSeven to showcase latest product release at three major international trade shows in the second half of 2015: Stress Testing USA; Stress Testing Europe; and New Generation Operational Risk – Americas

Click to read more ...

Thursday
Jul092015

ClusterSeven Recognized as Best-of-Breed Provider in RiskTech Quadrant® for Enterprise GRC Solutions

Company Ranked in Chartis RiskTech Quadrant® for Enterprise GRC for Two Years in a Row

Click to read more ...

Thursday
Jun182015

Azini Capital to Accelerate ClusterSeven

New investment will enable fast-growing UK software business to accelerate market and product development

Click to read more ...

Monday
Jun082015

ClusterSeven named Best-of-Breed Provider in Chartis Operational Risk Management Systems RiskTech Quadrant® for 2015

ClusterSeven’s Enterprise Spreadsheet Manager (ESM), Access Database Manager (ADM), and Inventory Management System (ISM) products were recognized for market potential and completeness of offering. In the 2015 report that contains the RiskTech quadrant, Chartis states: “ClusterSeven helps customers manage enterprise GRC for this risk class, while providing additional functionality for user productivity and data insight.”

Click to read more ...

Monday
Mar162015

Model Risk Management takes in Spreadsheet Management in wake of Dodd Frank Stress Testing guidance

New elements in the DFAST instructions include further guidance on supervisory expectations, specifically that model inventories should include significant end-user computing (EUC) applications that support financial modelling projections, both directly and as indirect, data feeder files.

Click to read more ...

Tuesday
Feb242015

Less than a Fifth of Asset Management Professionals believe the Financial Services Industry is effective at Managing Model Risks

London/New York, 23 February, 2015 – The vast majority of asset management professionals have significant concerns over the use of financial and economic models and believe the financial services industry is not doing enough to manage model risks, according to new research from ClusterSeven(1), the specialist data management firm

Click to read more ...

Tuesday
Feb032015

Four-fifths of Financial Services Professionals “significantly” Concerned over Reliance on Financial Models

Four-fifths (79%) of respondents to a study by ClusterSeven said that a high dependency on models poses a “significant” business risk to financial institutions, with a similar number (83%) saying that model risk management is a “significant” industry challenge.

Click to read more ...

Tuesday
Jan272015

ClusterSeven Positioned in Chartis Model Risk Management Solutions RiskTech Quadrant® for 2014

“Whether it is data preparation, supporting calculations, or regulatory/management reporting it is rare for any financial modeling process to be conducted without spreadsheets,” stated Peyman Mestchian, Managing Partner at Chartis. “The ClusterSeven solution adds a data governance layer to these models that mitigates risk.”

Click to read more ...

Wednesday
Jan142015

ClusterSeven Positioned in Chartis Enterprise GRC Solutions RiskTech Quadrant® for 2014

“Traditional GRC vendors often emphasize the replacement of spreadsheets that are being used for controls, but this fails to recognize that many spreadsheets are critical parts of financial processes such as data preparation and calculations,” stated Peyman Mestchian, Managing Partner at Chartis. “The ClusterSeven solution fills a critical need in the market by providing an advanced set of capabilities to automatically manage business spreadsheets and the data they contain.”

Click to read more ...

Wednesday
Oct082014

Schroders Investment Management adopts ClusterSeven Spreadsheet Management

London/New York, 8 October, 2014 – Schroders Investment Management (“Schroders”) has become the latest financial services firm to award a contract to data management and spreadsheet control specialist ClusterSeven. Schroders has selected ClusterSeven’s Enterprise Spreadsheet Management® (ESM) software to provide control for its key business spreadsheets and the data they manipulate.

Click to read more ...

Monday
Sep012014

Investec Bank adopts ClusterSeven Spreadsheet Management

London/New York, 1 September, 2014 – Investec Bank Plc (“Investec”) has become the latest bank to award a contract to data management and spreadsheet control specialist ClusterSeven. Investec has selected ClusterSeven’s Enterprise Spreadsheet Management® (ESM) software to provide control for its key business spreadsheets and the data they manipulate.

Click to read more ...

Tuesday
Feb252014

Janus Capital Management LLC adopts ClusterSeven Spreadsheet Management

London/New York, 25 January, 2014 – ClusterSeven announced today that it has entered into a contract with Janus Capital Management LLC (“Janus”), an investment management firm, for ClusterSeven’s Enterprise Spreadsheet Management® (ESM) software to provide control for its key business spreadsheets and the data they manipulate. Janus is a global firm managing approximately $110 billion in global assets across a broad range of asset classes including equities, fixed income, alternatives and asset allocation products.

Click to read more ...

Tuesday
Jan142014

BLME adopts ClusterSeven Spreadsheet Management

London/New York, 14 January, 2014 – BLME (Bank of London and The Middle East) has become the latest bank to award a contract to data management and spreadsheet specialist ClusterSeven. BLME has selected ClusterSeven’s Enterprise Spreadsheet Management® (ESM) software to provide control for its key business spreadsheets and the data they manipulate. BLME is an independent UK, wholesale Sharia’a compliant bank based in London. It is the largest Sharia’a compliant bank in Europe. The core divisions that make up BLME’s offering are Corporate Banking, Treasury and Wealth Management comprising of Private Banking and Asset Management.

Click to read more ...

Wednesday
Jul242013

SWI and ClusterSeven Announce Strategic Partnership

TORONTO, July 23, 2013 - SWI and ClusterSeven announced today the formation of a strategic partnership, which will combine SWI's expertise in the Canadian Financial and Energy sectors with ClusterSeven's industry-leading solutions in the End-User Computing (EUC) space. Under the partnership, SWI will further extend ClusterSeven technology into the Canadian market, becoming a key local provider of services and solutions that reduce the operational risk brought about by widespread spreadsheet use.

Click to read more ...

Wednesday
May152013

Business critically exposed by poor management of tax data 

London/New York, 15 May, 2013 –Poor control policies for business critical tax data are leaving UK financial services firms dangerously exposed to financial and reputational losses, according to research1 by ClusterSeven. The findings come at a time when the scrutiny of corporate tax calculations is intensifying as governments, regulators and other stakeholders focus on the details of corporate tax returns.

Click to read more ...

Monday
Mar252013

Financial services firms at risk as C-level executives admit to poor management of business critical data

London/New York, 25 March, 2013 – Research by ClusterSeven on C-level executives and senior managers working in financial services in the UK has revealed dangerously poor attitudes to business critical data managed in spreadsheets and similar databases. Half (51%) of C-level executives say there are either no usage controls at all or poorly applied manual processes over the use of spreadsheets at their firms1. Nine in ten (89%) admit they rely on manual oversight to maintain data integrity, with only one in 10 (11%) saying there is an automated control policy that allows them to fully understand changes between different versions of spreadsheets and see a clear audit trail for data.

Click to read more ...

Tuesday
Jan292013

Regulatory focus on spreadsheet data risks drives record profits at ClusterSeven

London/New York, 29 January, 2013 – Increasing demands from regulators, investors and other stakeholders for stringent data management controls at financial institutions has helped ClusterSeven report record profits for 2012 – net income up over 40% year-on-year to over £0.4m (US$0.6m) on record turnover of over £3.3m (US$5.2m). The specialist data management firm, which also won a record number of nine new clients for the year including major banks and insurers, helps financial institutions’ tax and finance teams manage and control their vast estates of Excel spreadsheets and similar databases.

Click to read more ...