ClusterSeven strengthens presence in US and Europe

London, NY – 23 October 2006

ClusterSeven, the provider of enterprise spreadsheet management software, today announced the appointment of Joe Ricca as vice president of North America sales and Henry Umney as vice president of European sales. Both new hires will be reporting to Steve Semenzato, CEO. Joe is responsible for North America sales and operations and based in the company’s NY office. While Henry is responsible for revenue targets related to sales, services, maintenance and support for Europe and is based in London.

These two hires come as a direct response to the uptake of customer demand, as forward thinking financial institutions realise that that spreadsheet risk is an issue that can no longer be ignored.

Joe comments: “In the US, in a post SOX environment banks are compliant, but at what cost? Systems were created in a hurry and now maybe banks are repenting at leisure. ClusterSeven delivers a practical passive solution to managing spreadsheets and removes the need for manual, time-consuming checks. I‘ve joined ClusterSeven recognising its tremendous growth potential particularly as a significant portion of revenue is set to come from North America.”

Joe has over 21 years experience in financial technology sector focusing in operational risk and compliance and has a successful track record in establishing young companies. Joe was director of sales and member of the management team in Dun & Bradstreet Software and JGI, where he was instrumental in growing the company from start up to 24 clients in just two years and generating an excess of $24million revenue. Previously, he was vice president of global sales in FTI (Financial Technologies International) and Providus.

Henry brings over 16 years of experience in sales management in the financial services. Prior to ClusterSeven, he held the position of sales director in Microgen, London and various sales management positions in AFA Systems and DART, both in the UK and Asia.

Henry comments: “Banks have always used spreadsheets to supplement their core systems to model and trade new products. With margins constantly squeezed, the ability to be first to go to market with new instruments is paramount. Increasing regulations, such as SOX, MIFID and Basel II, plus a greater recognition of operational risk and the cost of manual support are driving the need for better solutions. ClusterSeven enables compliance, reduces costs and accelerates product development, all without encumbering user flexibility. ClusterSeven is already creating a great name for itself and I am looking forward to expanding the business.”

Steve Semenzato, founder and CEO ClusterSeven, says: “We are moving from strength to strength. On the back of our VC funding, we have secured new blue-chip banks and commodity trading institutions as clients, won prestigious awards and have opened some exciting partner channels. With Joe and Henry on board we are stepping up a gear in expanding our position in the Europe and US.”

ClusterSeven was founded in 2003 and provides solutions to financial institutions where business-critical operations are dependant on spreadsheets.

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