ClusterSeven and Panache are forming a strategic global alliance to provide specialised spreadsheet management applications for global investment banks, hedge funds, and brokerage houses. Panache is a management consulting firm providing front to back trade support specifically for structured and derivative products and ClusterSeven provides enterprise spreadsheet management software.
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. Forward-thinking companies are aiming to manage and monitor spreadsheets like all other business applications.
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.
“We have a number of clients, primarily top tier investment banks, and most of them are reliant on spreadsheets,” says Sanjay Malik, the president and CEO of Panache. “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.”
“Through our new partnership with Panache we can help its clients bring their spreadsheets into the realms of their business systems,” adds Steve Semenzato, the founder and CEO of ClusterSeven. “Panache’s expertise will also enable us to more easily identify where we can best offer ROI within the spreadsheet enterprise.”