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| ClusterSeven and Panache join forces to deliver spreadsheet management in financial services. | |
| 27th November 2006 ClusterSeven the specialist provider of spreadsheet management solutions and Panache, a consulting firm providing front to back trade support specifically for structured and derivative products are forming a strategic global alliance targeting global investment banks, hedge funds, and brokerage houses. As market regulations such as SOX and Basel II become more stringent, the need for financial firms to monitor and properly audit their spreadsheets becomes ever more pressing. ClusterSeven's technology passively monitors spreadsheets. Its fully auditable and systematic approach delivers a practical solution to managing millions of daily cell changes and removes the need for manual, time-consuming checks. This allows spreadsheets to be treated like any other business application and the time spent trying to control and maintain them is drastically reduced, without locking them down or reducing their effectiveness. Panache offers analytical and technical support specialising in credit and equity derivatives as well as structured products, where spreadsheets are used for pricing and modeling new instruments. Panache identifies the business problems within firms and enables them to reengineer and implement new systems. The partnership unites Panache's experience and depth of industry knowledge with ClusterSeven's spreadsheet management software. The two companies are already working together on implementations, with Panache staff specially trained to deploy ClusterSeven's software. Sanjay Malik, president and CEO of Panache, comments: “We have a number of clients, primarily top tier investment banks, and most of them are reliant on spreadsheets. ClusterSeven's software addresses a real business problem and we expect that it will soon become the industry-wide standard, found within every major global investment bank.” Steve Semenzato, founder and CEO ClusterSeven, says: "Through our new partnership with Panache we can help its clients bring their spreadsheets into the realms of their business systems. Panache's expertise will also enable us to more easily identify where we can best offer ROI within the spreadsheet enterprise.” Related FSN articles Interview with Steve Semenzato - CEO ClusterSeven FSN Product Review ClusterSeven Enterprise Spreadsheet Management Software |
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