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ClusterSeven secures first round funding from Quester

LONDON – 26 January 2005, ClusterSeven, the enterprise spreadsheet management software provider, today announced that Quester, a leading UK venture capital company, has invested £2.4m in the company. The funds will be invested in product development and in ClusterSeven’s expansion in the US.

Henry Sallitt, a director of Quester, comments: "We are very pleased to have the opportunity to invest in such an exciting company. In the current regulatory environment the control of spreadsheets is paramount and we believe there is a very substantial global market for ClusterSeven’s products. The company has built an impressive client base, principally in the UK, and is poised for international expansion. This investment is consistent with our strategy to invest in the growing security and compliance sectors."

A typical bank can have up to 10,000 autonomous spreadsheets supporting a range of business critical functions, many with exposure to hundreds of millions of pounds. Despite major investment in IT, the majority of business decisions and reports are still highly dependent on the data generated by end-user computing applications, particularly spreadsheets. Within an increasingly regulated environment combined with the spreadsheets’ spiraling complexity, major institutions recognize that spreadsheet risk is an issue that can no longer be ignored. ClusterSeven’s technology addresses the operational risk, control and compliance impact of financial institutions’ continuing reliance on spreadsheets. ClusterSeven is the only enterprise spreadsheet management software provider to offer non-invasive and passive monitoring and tracking of spreadsheets.