LONDON, February 3 /PRNewswire/ --
- Leading Spreadsheet Control Vendor Expands Product and Customer Base Through Strategic US Acquisition
Finsbury Solutions, a leading supplier of spreadsheet management and control software, today announced it has acquired the products and assets of Compassoft Inc, a US based governance risk and compliance software vendor. The strategic acquisition of Compassoft's End User Computing (EUC) products strengthens Finsbury's product coverage and customer base.
Finsbury is committed to supporting and developing Compassoft's EUC products. It will combine and integrate Compassoft's EUC software with its Spreadsheet Workbench solution to offer an advanced product suite for the management of spreadsheets and end user databases.
Jeremy Wood, Director of Finsbury Solutions, comments: Regulatory obligations and best practice require companies to put in place more effective controls over EUC applications. The current lack of end user computing control is a serious and growing problem, particularly in the financial services sector.
This acquisition enables us to provide the most complete set of spreadsheet and EUC control capabilities. Compassoft's enterprise EUC system's discovery and risk profiling capabilities are the most comprehensive and scalable in the market. This will be combined with our existing Spreadsheet Workbench solution, which sets the standard for spreadsheet security, access control, audit and analytics. With a customer base of more than 200 blue chip organisations we are now well positioned to explore further growth opportunities in this fast moving market.
Paul Bach, Board Director of Compassoft, comments: We are delighted that Compassoft has been acquired by market leader Finsbury Solutions. We believe that the combined product offering and Finsbury's commitment to customer support provides our clients and prospects with an excellent future.
Compassoft, an early entrant in the EUC control market, was rated as the enterprise spreadsheet management market leader in March 2007 by Bloor Research. In addition, in March 2008, it received a positive rating in Gartner's MarketScope for Spreadsheet Control Products.
Notes to Editors
About Finsbury Solutions
With a customer base of over 200 organisations Finsbury Solutions is a leading provider of enterprise spreadsheet management and compliance solutions.
Finsbury Solutions' products benefits from the real industry experience of the Finsbury Solutions management team. With a background of the past 25 years in accountancy, financial services and IT Finsbury has extensive first hand experience of the day to day use and importance of business critical spreadsheets and has leveraged this knowledge to develop market leading products that are easy to use, business focussed and fast to implement.
Formed in 2006, the company has operations in London and New York. Further information is available on: http://www.finsburysolutions.com.
About Compassoft
Compassoft's EUC applications reduce non-compliance risk and increase reporting accuracy by identifying, retrieving and documenting both visible and obscure sources of business-critical information. Compassoft won numerous awards for its technology and holds several US and international patents on its technology.
About the EUC control market
End user computing applications comprise spreadsheets, user controlled databases, reports and datamarts. EUC applications are commonly used in financial reporting applications which are subject to regulations requiring an effective system of internal control. Examples of such legislation include the Sarbanes Oxley Act in the USA and similar legislation in France, Japan and other countries. Financial industry regulation such as Basel II and the credit rating agencies consider the level of operation risk in a business. Companies have the potential to reduce their cost of capital and improve their credit rating by improving control over EUC applications.
Issued by Broadgate on behalf of Finsbury Solutions Limited
For further information: Finsbury Solutions, Jeremy Wood, Tel: +44(0)20-7170-4075, email: Jeremy.Wood@finsburysolutions.com
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