Demand for Enterprise Spreadsheet Risk Software in Europe Prompts Compassoft to Open European Office; Hire VP of European Operations

Scotts Valley, CA – September 12, 2007 – In response to European demands for spreadsheet management control software solutions, Compassoft, the leading provider of spreadsheet discovery, validation and control solutions for the enterprise, has opened an office in the Thames Valley technology corridor in England.

Based in Reading’s prestigious Thames Valley Park, the new office will lead all of Compassoft’s sales, service and support operations in the UK and across Europe. Mark Plant, a successful sales and management professional with extensive experience with high growth organizations in the software industry has been hired as Vice President of European Operations. Plant, who has previously held senior sales, marketing and management roles with Intralinks and Microsoft, will report directly to Paul Bach, CEO of Compassoft.

“In many ways companies in Europe are more aware of the financial and regulatory risks associated with unmanaged spreadsheets and databases, and they were some of the earliest adopters of off-the-shelf end user computing risk control solutions,” said Paul Bach, CEO of Compassoft. “We anticipated growing demand for these solutions at the enterprise level when we acquired and integrated the leading UK-based spreadsheet auditing application into our automated framework.”

Serving Europe’s Spreadsheet Management Markets

The opening of the UK office will give Compassoft a solid foundation from which to respond to significant market growth in the European markets, according to Bach. It will also ensure that the company can further extend its deployment and support expertise to companies and organizations throughout Europe. Currently Compassoft has numerous customers and partners in Europe including ABB, Allied Irish Banks, Lloyds TSB, ABN AMRO, Schering-Plough and AstraZeneca who will be among the first to benefit from this expansion.

“This is an exciting time to be heading up a business operation for spreadsheet management software because large companies and organizations across Europe are keenly aware of the risks associated with undocumented untested and uncontrolled spreadsheets and PC databases,” said Plant. “It’s not surprising given that several of Europe’s biggest financial losses have been caused by undetected spreadsheet errors and fraud.  These companies know that their spreadsheets may hold material and mission-critical data and yet there are often no controls over them.”

EuSpRIG Welcomes Spreadsheet Solutions

“In our efforts to raise awareness of the extent and nature of spreadsheet risks, the European Spreadsheet Risks Interest Group (EuSpRIG) has long chronicled the high price companies are paying due to spreadsheet fraud, honest mistakes and negligence,” said Grenville Croll, EuSpRIG Chair.  “At the root of the problem is a failure to inventory, test, document, archive and control mission critical spreadsheets. We are pleased to see Compassoft’s continued innovation and commitment to bringing technology solutions to market.”

The new Compassoft office is located at:

Compassoft, Inc.
400 Thames Valley Park Drive
Reading, Berkshire, RG6 1PT
United Kingdom
Tel: + 44 (0) 1189 637563

About Compassoft

Compassoft is the market leader for enterprise spreadsheet risk management and control. Compassoft Enterprise™ enables corporations to manage and control spreadsheets based on business risk policy, automating the continuous discovery and prioritization of spreadsheets throughout the enterprise.   By detecting policy exceptions among the thousands or even millions of spreadsheets and providing a secure control framework for them, Compassoft’s solutions have improved controls at more than 180 major companies, including the Big Four accounting firms, Allergan, ABN AMRO, Allied Irish Banks, Bruce Power, CitiGroup, Eli Lilly, FreddieMac, HP, Lloyds TSB, Prudential, Sydney Futures Exchange, Tulane University, Tyson and Venetian Casinos. For more information, please visit www.compassoft.com.

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Julia Glenister, JAG Wire Group
Tel: (415) 459-3688; Cell: (415) 246-6075
compassoft@jagwiregroup.com