LONDON – 31 May 2006, ClusterSeven, the enterprise spreadsheet management software provider, today announced the appointment of Mike Hedger as non-executive chairman.
Mike Hedger was the CEO of KVault Software Ltd (KVS), the e-mail archiving software company. Hedger led KVS through three rounds of funding, and played an instrumental role in growing its revenues from zero to $58.4m in just four years until its acquisition by Veritas Software Corp. for $225m in 2004. Prior to this role, Hedger was EVP of worldwide operations with Forte after serving as VP of marketing operations with Oracle.
Hedger comments: “ClusterSeven is a promising company because it offers a sensible solution to a real business problem. So much new technology today is looking for a problem. But ClusterSeven’s technology actually deals with an ongoing genuine headache for many businesses. Spreadsheets are a crucial part of every day business but not audited nor supported properly. If a company is dependent on them then this creates a huge exposure that must be addressed. Several blue-chip banks are already ClusterSeven’s clients demonstrating its viability. For the next phase of ClusterSeven’s development, we aim to establish a strong footprint in the US.”
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. A survey of 109 compliance managers by the Chartered Management Institute found that 71% rely on spreadsheets for compliance monitoring and 67% use them for reporting. 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.
Steve Semenzato, founder and CEO ClusterSeven, says: "We are just delighted to have Mike helping us steer ClusterSeven’s strategy. His indisputable expertise in growing companies means that we can fast-track our business growth and iron clad our market position.”
Hedger joins two other non-executives with business software experience: Henry Sallitt, a director of Quester, the UK venture capital company that has recently invested £2.4m in ClusterSeven and Paul Basson, president of Integrity Interactive Europe, a provider of web-based corporate ethics and compliance solutions for the Global 2000.
ClusterSeven was founded in 2003 and already boasts three global investment banks as clients, two utility companies and a hedge fund. ClusterSeven provides solutions to financial services, utilities, energy, and insurance in departments where business-critical operations are dependant on spreadsheets.